Franklin Company has the following four items in its ending inventory as of December 31, 2014. The company uses the lower-of-cost-or-net realizable value approach for inventory valuation following IFRS.

Compute the lower-of-cost-or-net realizablevalue.

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Net Realizable Value $1,400 2,300 7,100 3,700 Item No. AB TRX NWA SGH Cost $1,700 2,200 7,800 3,000