Intermediate accounting

The following table displays the cost and net realizable value of the various items in Taylor Tools' inventory. Use the ending balance of inventory on hand on your perpetual inventory record for item \#2-Handyman Hammers to determine the historical cost for the type of inventory. Use the information above to determine the cost and NRV for the company's sanders. After, complete the following table to determine what is lower, the cost or NRV of inventory. As always, you can elect to determine NRV based on inventory as a whole, the sum of major categories, or the sum of individual items. Taylor Tools has only one type of hammer in its inventory-inventory item \#2 (Handyman Hammers.) The list of Taylor Tools transactions related to Handyman Hammers is displayed below. Use this information to prepare Taylor Tools' perpetual inventory record for inventory item #2 using the weighted average cost flow assumption