Fine Leather Ltd$.$ had the following inventory at December $31$ of the current year.

Per Unit

Item Quantity Cost Net Realizable Value

Leather blazers

Model $15420$ $ $100$ $ $120$

Model $16015180168$

Model $16510250260$

Handbags

Model $11603032$

Model $12404542$

Model $13256563$

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

Each item of inventory

Each major category of inventory

Total inventory