Halicon Ltd. applies the lower of cost or NRV valuation to inventory. The companys inventory at the end of the year is as follows: Per Unit Inventory Classification Quantity Cost Net Realizable Value Class 1: Halicon basic models 50 $ 100 $ 120 Halican super models 30 150 140 Class 2: Private brandregular 120 90 100 Private branddeluxe 60 130 140 Private brandsuper deluxe 40 200 150 Required:

Determine the amount of any adjustment that is required to inventory under each of the following valuation methods: (Enter all amounts as positive values.)

1. By individual type of item. 2. By class of inventory.