The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December $31.$ Two of these

items are in the accessories department, and two are in the women CEO department.

What is the valuation of ending inventory if the firm uses the lower of cost or net realizable value method and applies it on an item$-$

by$-$item basis?

If the company applies the lower of cost or net realizable value method on the basis of total cost or total net realizable value, what

is the value of ending inventory?

If the company elects to apply the lower of cost or net realizable value method to inventory groups, what is the value of the ending

inventory?

Complete this question by entering your answers in the tabs below.

If the company elects to apply the lower of cost or net realizable value method to inventory groups, what is the value of the

ending inventory?