E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value LO7.4 HT. Tan Company is preparing the annual financial statements dated December 31 of the cultent year. Ending inventory information about the five major items stocked for ranula.... - hllows: Compute the valuation that should be used for the current yeat ending inventory using lower of cost or net realizable value applied on an item-by-item basis