E7-12 (Static) Reporting Inventory at Lower of Cost or Net Reallzable 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 Net Realizable When Acquired Value (Market) at Unit Cost Item Quantity on Hand ABCDE 50 (FIFO) $ 15 Year-End $ 12 80 30 40 10 48 52 70 25 350 10 30 5 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 Lower of Item Quantity Total Cost Realizable Value Cost or NRV A 50 B 80 C 10 D 70 E 350 Total $ 0 $ 0 $ 0