P6-7A. Lower-of-Cost-or-Net Realizable Value Method The Vandy Company had the following inventory at year-end: Fans Model X1 Model X2. Model X3. Heaters Model B7. Model B8. Model B9. x Unit Price Quantity Cost Net Realizable Value 300 $18 $19 250 23 24 450 29 25 500 24 30 290 35 32 100 41 37 Required d. Determine the value of ending inventory after applying the lower-of-cost-or-net realizable value method to each item of inventory. Would the net income be lower under the cost method or the lower-of-cost-or-net realizable value method?