Valley Inc. has compiled the following information concerning items in its inventory at December 31: Itein A B Quantity 120 70 60 Cost per Unit $45 160 100 Net Realizable Value (NRV per unit $50 120 110 Required: 1. The carrying amount of the total inventory of Valley Inc using the lower of cost or net realizable value (LCNRV) nude applied on an item by item basis is: (4 marks) 2. The loss due to inventory write down to LCNRV is: 2 marks)