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 Unit Cost When Acquired (FIFO) $ 16 Quantity Item on Hand A 51 B 81 31 C 11 49 D 71 26 E 351 11 Net Realizable Value (Market) at Year-End $ 13 41 53 31 6 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. Total Net Value Lower of Cost or NRV Item Quantity Total Cost Realizable A 51 B 81 11 D 71 E Total 351 < Prev 9 of 10 Next >