During 2020, Novak Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Novak for a lump sum of $58,800, 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:

Type		No. of Chairs			Estimated Selling Price per Chair
Lounge chairs		500			$93
Straight chairs		660			53
Armchairs		400			79

Novak estimates that the costs to sell this inventory would be $5 per chair. During 2020, Novak sells 440 lounge chairs, 300 armchairs, and 200 straight chairs, all at the same prices as estimated. At December 31, 2020, 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 2020, using the relative sales value method?

B. What is the net realizable value of the chairs remaining in inventory?

C. What is the appropriate inventory value to be reported on the December 31, 2020 statement of financial position, assuming the lower of cost and NRV is applied on an individual item basis?