E$7-12($Algo$)$ Reporting Inventory at Lower of Cost or Net Realizable Value LO$7-4$

H$.$T$.$ Tan Company is preparing the annual financial statements dated December $31$ of the current year. Ending inventory information about the five major items stocked for regular sale follows:

ENDING INVENTORY, CURRENT YEAR

Item Quantity

on Hand Unit Cost When Acquired $($FIFO$)$ Net Realizable

Value $($Market$)$

at Year$-$End

A $52$ $ $17$ $ $14$

B $823242$

C $125054$

D $722732$

E $352127$

Required:

Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value applied on an item$-$by$-$item basis.