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Calculate the lower of Cost and Net Realizable Value (LCNRV/ of the inventory on an item by item basis and indicate how much should the inventory be reduced on the balance sheet if required.

Bethel Co. has collected the following data related to its ending inventory (7 points); Product |849 Units on Hand 200 160 842 |847 Unit Cost $12] $31 $21 $12 Unit NRV $131 $300 $180 $101 85 40 860 Calculate the Lower of Cost and Net Realizable Value (LCNRV) of the inventory on an item by item basis and indicate how much should the inventory be reduced on the balance sheet if required