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. Net Realizable value Quantity Unit Cost 125 80 $29 55 $ 32 52 Accessories Item 620 Item 621 Women CEO Item 726 Item 727 95 55 70 102 45 46 1. 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? 2. 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? 3. 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? Lower of cost or market by item Description Quantity Unit Cost Net Realizable Value Total Cost Total Net Realizable Value Lower of Cost or Market 125 $ 80 29 $ 55 32 $ 52 $ 3,625 $ 4,400 8,025 $ 4,000 4,160 8,160 $ 0 Item by Item Accessories Item 620 Item 621 Total Accessories Women CEO Item 726 Item 727 Total Women CEO Totals Ending inventory valuation 55 $ 95 $ 102 $ 45 70 46 5,225 $ 3,220 8,445 $ 16,470 $ 5,610 3,150 8,760 $ 16,920 $ 0 $ $ 0 Required 1 Required 2 Required 3 If the company applies the lower of cost or net realizable value method on the basis of total cost or tota what is the value of ending inventory? Total Cost or Net Realizable Value of Ending Inventory Total cost Total net realizable value Ending inventory valuation Required 1 Required 2 Required 3 If the company elects to apply the lower of cost or net realizable value method to inventory groups, what ending inventory? By Groups Total cost Total Net Realizable Value Lower of cost or Total Net Realizable value Accessories Women CEO Ending inventory valuation $ 0