The following information concerns several of the inventory items at DC's. 3 Net Realizable Value Quantity Unit Cont Description Department Ai Model XP 235 Model XP 376 Model XP 522 Department 3: Model 2Y 114 Model 2Y 232 Model 2Y 183 58 83 68 $ 23.30 27.15 20.40 $ 21.70 25.70 21.35 23 32 20 75.40 100.40 145.40 75.40 94.40 142.70 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 1. 2 3