Question 4 Incorrect Mark 0.00 out of 2.00 P Flag question Lower of Cost or Net Realizable Value (LCNRV) Rule Final inventory value a $ 990 b. $ 6. Determine the proper total inventory value for each of the following items in Erik Company's ending inventory: a. Erik has 200 rolls of camera film that have become obsolete with the advent of digital cameras. The films cost $4.95 each and are normally sold for $9.90. To clear out these old films, Erik will drop their selling price to $2.97. There are no related selling costs. b. Erik has four cameras in stock that have been used as demonstration models. The cameras cost $1,140 and normally sell for $1,440. Because these cameras are in used condition, Erik has set the selling price at $1,080 each. Expected selling costs are $30 per camera. New models of the camera, already on order, will cost Erik $1,200 and will sell for $1,560. Check INCOTES