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 YLAR Net Realizable Quantity on Hand 50 80 10 Value (Market) at Year-End $ 12 40 52 Unit Cost When Aoquired (FIE0) $ 15 30 Item 48 70 25 30 350 10 Required: Compute the valuotion 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. Lower of Cost or NRV Total Net Item Quantity Total Cost Realizable Value 50 80 10 D. 70 350 Total