The following data relates to the 12/31/23 inventory of Reliant:
			Original Cost
		Item	per Unit
		A	$1.10
		B	0.90
		C	1.80
		D	0.70
		E	1.90
Selling price is $2.00 per unit for all items. Disposal costs amount to 15% of selling price, and a normal profit is 40% of selling price.
There are 1,000 units of each item in the 12/31/23 inventory
(show calculations):
a. Determine the lower of cost or NRV for the inventory at 12/31/23.
b. Prepare the entries necessary at 12/31/23 based your computations for both the cost and the loss methods.
c. How are inventory losses disclosed on the income statement for 2023 for each method?
d. Assume, instead, that Reliant uses the LIFO inventory costing assumption. Describe what would be different about your response
to the questions above.