Halicon Ltd. applies LCNRV valuation. The companys inventory at the end of the year is as follows:

Halicon Ltd. applies LCNRV valuation. The company’s inventory at the end of the year is as follows:

Required:
Determine the amount of any adjustment that is required to inventory, assuming inventory is valued under lower- of- cost- or- NRV valuation under each of the following valuation methods:
1. By individual type of item
2. By class ofinventory

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Per Unit Quantity Cost Net Realizable Value Inventory Classification Class 1 Halicon basic models Halican super models 50 30 $100 150 $120 140 Class 2 Private brand-regular Private brand-del uxe Private brand- super deluxe 120 60 40 90 130 200 100 140 150