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 information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YEAR Quantity Item A on Hand 64 B 94 C 24 D E 84 364 Unit Cost When Acquired (FIFO) $ 15 43 55 33 8 Net Realizable Value (Market) at Year-End $ 18 33 51 28 13 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. Total Net Item Quantity Total Cost Realizable Value Lower of Cost or NRV A 64 B 94 24 D 84 E 364 Total S 0 $ 0 $ 0 Check m