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: Item B C D E Quantity on Hand 60 90 20 80 360 ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost when Value (Market) Acquired (FIFO) at Year-End $ 25 $ 22 40 50 58 62 35 40 20 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 Item Quantity Total Cost Realizable Cost or Value NRV A 60 B 90 20 D 80 E 360 Total