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 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 of cost or net realizable value applied on an item-by-item basis