The following information concerns several of the inventory items at DC's. Net Realizable Value Quantity Unit Cost 80 Description Department A: Model XP 235 Model XP 376 Model XP 522 Department B: Model ZY 114 Model ZY 232 Model ZY 183 105 90 $24.40 28.25 21.50 $23.10 26.50 22.85 76.50 101.50 146.50 76.50 97.50 143.80 1. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net realizable value method of valuation under lower of cost or net realizable value for each item separately. 2. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net realizable value method of valuation under lower of total cost or total net realizable value. 3. Determine the amount of inventory to be reported on the financial statements using the lower of cost or net realizable value method of valuation under lower of total cost or total net realizable value by department (Round your answer to 2 decimal places.) Inventory valuation