Lower of Cost or Net Realizable Value 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: 1. Determine the carrying amount of the inventory using lower of cost or net realizable value appliad on an itam-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