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 Net Realizable When Acquired Value (Market) at Item A Quantity on Hand. 50 B 80 C 10 D 70 E 350 (FIFO) $15 Year-End $ 12 30 40 48 52 25 10 30 5 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 Lower of Cost or Value NRV Item Quantity Total Cost Realizable ABCD E 50 80 10 70 350 Total $ 0 $ 0 $ 0