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During 2 0 2 3 , Whispering Winds Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to

During 2023, Whispering Winds Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs
sold them to Whispering Winds for a lump sum of $58,100, because it was discontinuing manufacturing operations and wanted to
dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for
each are as follows:
Whispering Winds estimates that the costs to sell this inventory would be $4 per chair. During 2023, Whispering Winds sells 380
lounge chairs, 270 armchairs, and 150 straight chairs, all at the same prices as estimated. At December 31,2023, the remaining
chairs were put on sale: the lounge chairs at 25% off the regular price, the armchairs at 30% off, and the straight chairs at 40% off.
All were expected to be sold at these prices.
a) what is the total cost of the chairs remaining in inventory at the end of 2023, using the relative sales value method?
total cost _________$
b)what is the net realizable value of the chairs remaining in inventory?
net realizble value ________$
c) what is the appropriate inventory value to be reported on the December 31,2023 statement of financial position, assuming the lower of cost and NPV is applied on an individual item basis?
Inventory value________$
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