Note 3 Inventory Abebio Limited is a retailer of Italian furniture and has five major product lines: sofas, dining tables, beds, closets, and lounge chairs. At December 31, 2019, quantity on hand, cost per unit, and net realizable value (NRV) per unit of the product lines are as follows: Required: Product line Sofas Dining tables Bed Closets Lounge chairs Quantity on hand 100 200 300 400 500 Cost per unit GHS 1,000 500 1,500 750 250 NRV per unit GHS 1,020 450 1,600 770 200 Compute the valuation of the inventory of Abebio Limited at December 31, 2019, under IAS 2 using the lower of cost and NRV principle.

NB: Show Workings