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:

	ENDING INVENTORY, CURRENT YEAR
Item	Quantity on Hand	Unit Cost When Acquired (FIFO)	Net Realizable Value (Market) at Year-End
A	67	$ 18	$ 21
B	97	46	36
C	27	58	54
D	87	36	31
E	367	11	16

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.