Section 7-INVENTORY COSTING USING THE LOWER OF COST OR NET REALIZABLE VALUE RULE 1. Use the following information to calculate inventory applying LCNRYV by item: Recorded| Expected | Disposal cost |sales price costs 2. At year-end 20X8, Ancho Canned Chile has 8,000 units on hand at a weighted-average cost of $13 per item. Sales for the year were at $16 per item. Resellers cost Ancho an average $4 per unit. a. What is Ancho's ending inventory applying LCNRV by item? b. [f the loss is not significant enough to warrant disclosure on the income statement, what year-end journal entry does Ancho record? ; If the market value of the inventory increases in the following year, can Ancho recognize the recovery