Using the lower of Cost and NRV Rule, indicate what value will be shown on the Balance Sheet for Inventory if the rule is applied on an item-by-item basis. (5 Marks) Cost Estimated Cost to Sell NRV Selling Price Lower of cost and NRV $ 60,000 42,000 34,000 68,000 $204,000 $ 55,000 50,000 35,000 62.000 $ 202,000 $1,000 1,000 1,000 1,000