The following information is from Gianni Company's individual inventory items as of December 31, 2020. Net Realizable Value Quantity Cost per Unit per Unit $185 256 480 640 Inventory Classification: Premium Item 1 Item 2 Item 3 Item 4 Classification: Classic Item 5 Item 6 Item 7 Item 8 $180 100 165 158 448 320 160 1,600 896 Required a. Calculate lower-of-cost-or-net realizable value of Gianni's December 31, 2020, inventory applying the rule to each individual item. b. Calculate lower-of-cost-or-net realizable value of Gianni's December 31, 2020, inventory applying the rule by inventory category. C. Calculate lower-of-cost-or-net realizable value of Gianni's December 31, 2020, inventory applying the rule to total inventory