E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value LO7-4 H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory informati about the five major items stocked for regular sale follows: Item A B ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Unit Cost When Value (Market) on Hand Acquired (FIFO) at Year-End 64 $ 15 $ 18 94 43 33 24 55 51 84 33 28 364 8 13 mon Required: Compute the valuation that should be used for the current year ending inventory using lower of cost or net realizable value appli an item-by-item basis. Total Net Item Quantity Total Cost Realizable Value A 64 Lower of Cost or NRV B 94 24 D 84 E 364 Total $ 0 $ 0 $ 0