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 Cont When Acquired (FIFO) $25 Item Quantity on Hand 60 90 40 20 58 80 35 360 20 Net Realizable Value (Market) at Year-End $22 50 62 40 15 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 NRV Item Quantity Total Cost Realizable Value A 60 B 90 C D 80 E Total 360 88888 20