Determining Lower of Cost or Net Realizable Value (NRV)

The following data refer to Froning Companys ending inventory.

Item Code	Quantity	Unit Cost	Unit NRV
LXC	500	$45	$48
KWT	180	38	34
MOR	300	22	20
NES	200	27	32

Determine the ending inventory amount by applying the lower of cost or net realizable value rule to: (a) each item of inventory $Answer (b) the total inventory. $Answer