HT. 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: Item ENDING INVENTORY, CURRENT YEAR Net Realizable Quantity Unit Cost When Value (Market) on Hand Acquired (FIFO) at Year-End 70 $ 21 524 49 61 B 100 39 370 Required: Compute the valuation that should be used for the current year ending Inventory using lower of cost or net realizable value appiled on an item-by-item basis. Hem Quantity Total Net Total Cost Realizable Value Lower of Cost or NRV $ 1.470 3000 70 5 1.470 1.710 3.000 5130 $ 5.650 S 39 5 15 320