1. The following information pertains to one unfinished item in Dominic's inventory:

Cost $12.00

Estimated selling price 14.60

Estimated cost to complete 3.30

Estimated cost to sell 0.40

Under the lower-of-cost-or-net-realizable-value rule, this inventory item should be included in inventory at which of the following amounts?

1. $11.30
2. $11.70
3. $12.00
4. $10.90

NEED EXPLANATION IN TEXT FORM

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