E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 HT. 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 Net Realizable Quantity Unit Cost When Value (Market) Item on Hand Acquired (FIFO) at Year-End 53 $ 18 $ 15 43 13 51 73 33 13 8 A B C 83 33 55 28 E 353 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 Lower of Cost or NRV Total Net Item Quantity Total Cost Realizable Value 53 B 13 D 73 E 353 Total mo