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 53 $ 112 $ 138 Halican super models 33 165 152 Class 2: Private brandregular 123 102 112 Private branddeluxe 63 145 158 Private brandsuper deluxe 43 218 162

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.