The Jewel Fool had the following inventory items on hand at the end of the year. Necklaces Bracelets Quantity 10 50 Cost per Item Value per Item $ 75 40 $ 70 60 Required: Determine the lower of cost or market/net realizable value per unit and the total amount that should be reported on the balance sheet for each item of inventory. Necklaces Bracelets Total Lower of Cost or Total Amount Market/NRV Reported $ 0