Fine Leather Ltd. had the following inventory at December 31, 2017: Quantity Cost Per Unit Net Realizable Value Item Leather blazers Model 154 Model 160 Model 165 Handbags Model 11 Model 12 Model 13 $240 250 270 $260 232 277 58 49 66 Required: 1. Determine the value of ending inventory that should be reported on the statement of financial position by applying the LC&NRV rule to, a. Each item of inventory b. Each major category of inventory c. Total inventory The value of ending inventory The value of ending inventory The value of ending inventory