Finish attempt... Question 8 Partially correct Mark 4.29 out of 5.00 Flag question Valuing Inventory Using Lower-of-Cost-or-Net Realizable Value Printer Inc. discloses the following ending inventory data. Classification Quantity Cost per Unit NRV per Unit Paper Stock X Stock Y 400 $300 $330 120 250 230 Ink Stock D 40 $70 $65 Stock E 20 55 62 Toner Stock A 16 $75 $70 Stock B Stock C 8 95 14 100 80 110 a. Determine the valuation of inventory at cost and at the lower-of-cost-or-net realizable value assuming application by (a) individual items, (b) classifications, and (c) total inventory. The unit costs of the three categ different; however, within each category the unit costs are similar. 1. Calculate the lower of cost or net realizable value applying the rule to each individual item. $ 2. Calculate the lower of cost or net realizable value applying the rule by inventory category. $ 3. Calculate the lower of cost or net realizable value applying the rule to total inventory. 154,460 153,840 x $ 157,260 b. Prepare the entry to record the ending inventory for each approach in part a assuming any inventory holding loss is recognized as a separate loss and reduces inventory through an allowance account. Note: If a journal entry isn't required for the transaction, select "N/A" as the account names and leave the Dr. and Cr. answers blank (zero). Ref. Account Name Dr. Cr. 1 Holding Loss on Inventory 2,800 Allowance to Reduce Inventory to Net Realizable Value + D 2,800 2 Holding Loss on Inventory 3,420 x Allowance to Reduce Inventory to Net Realizable Value 3,420 3 N/A 0 N/A D 0 Check Partially correct Marks for this submission: 4.29/5.00.