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: Quantity on Hand Item A 61 B 91 C 21 D E 81 361 ENDING INVENTORY, CURRENT YEAR Unit Cost When Acquired (FIFO) $ 12 40 52 30 5 Net Realizable Value (Market) at Year-End $ 15 30 48 25 10 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. Item Quantity Total Cost Realizable Total Net Lower of Cost or Value NRV $ 732 61 91 21 81 361 Total $ 0 $ 0 $ 732 ABCDE