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E7-9 Reporting Inventory at Lower of Cost and Net Realizable Value LO7-4 Fine Leather Ltd. had the following inventory at December 31, 2020: Per Unit Item Quantity Cost Net Realizable Value Leather blazers Model 154 35 $170 $180 Model 160 30 215 203 Model 165 12 260 274 Handbags Model 11 60 44 42 Model 12 54 59 55 Model 13 25 71 69 Required: 1. Determine the value of ending inventory that should be reported on the statement of financial position by applying the LC&NRV rule to, a. Each item of inventory b. Each major category of inventory c. Total inventory a. The value of ending inventory b. The value of ending inventory C. The value of ending inventory