Lower of Cost or Net Realizable Value Quantity FIFO Cost per Unit Selling Price per Unit Sue Stone, the president of Tippecanoe Home Products, has prepared the following information for the company's television inventory at the end of the year: Model: Disposal Costs T-260 11 $225 $480 $35 S-256 24 325 330 30 R-193 18 210 250 20 Z-376 12 285 290 40 Required: 1. Determine the carrying amount of the inventory using lower of cost or net realizable value applied on an item-by-item basis. 2. Prepare the journal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it blank. 38