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 Quantity Item on Hand 52 B 82 12 D 72 352 Unit Cost When Acquired (FIFO) Net Realizable. Value (Market) at Year-End. $ 17 $ 14 32 42 50 54 27 32 12 7 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 Item Quantity Total Cost Realizable Value Lower of Cost or NRV A 52 BCDE 82 12 72 352 Total