Part B (6Marks) Valley Inc. has compiled the following information concerning items in its inventory at December 31: Item Quantity Cost per Unit A B 120 70 60 $45 160 100 Net Realizable Value (NRV)per unit $50 120 110 C 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: 2. (2 marks) The loss due to inventory write down to LCNRV is: 2