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H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year, Ending inventory information about the five major items stocked for regular sale follows: Item 3 Quantity on and 56 86 16 76 ENDING INVENTORY, CURRENT YEAR Net Realizable Unit Cost When Value (Market) Required (FIFO) at Year-End $ 21 $18 36 46 54 58 31 36 16 11 D E 356 Required: Compute the valuation that should be used for the current year ending Inventory using lower of cost or net realizable value applied on an item-by-item basis Lower of Cost or NRV Total Net Item Quantity Total Cost Realizable Value A 56 B 86 16 O 76 E 350 Total