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:

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.

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.