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
Item	Quantity on Hand			Unit Cost When Acquired (FIFO)				Net Realizable Value (Market) at Year-End
A		61			$	12			$	15
B		91				40				30
C		21				52				48
D		81				30				25
E		361				5				10

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.

Required: Compute the valuation that should be used for the current year ending inventory using lower o an item-by-item basis. Item Quantity Total Net Total Cost Realizable Value Lower of Cost or NRV Tue 61 91 21 81 361 Total