Part B (6Marks). Valley Inc. has compiled the following information concerning items in its inventory at December 31:

Item	Quantity	Cost per Unit	Net Realizable Value (NRV)per unit
A	120	$45	$50
B	70	160	120
C	60	100	110

Required:

1. (4 marks) The carrying amount of the total inventory of Valley Inc. using the lower of cost or net realizable value ( LCNRV) rule applied on an item by item basis is:

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2. (2 marks) The loss due to inventory write down to LCNRV is:

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