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 ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Acquired (FIFO) at Year-End $ 24 $ 21 49 57 Quantity on Hand 59 89 19 39 MOOD 79 359 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. Item Total Net Quantity Total Cost Realizable Value 59 Lower of Cost or NRV A 89 C 19 79 359 Total