Oriole's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Oriole's Gift Shop's year end, December 31: (a) Determine the lower of cost and net realizable value of the ending inventory assuming Oriole's Gift Shop applies LCNRV on individual items. Lower of cost and net realizable value