Fine Leather Ltd. had the following inventory at December 31, 2014:

Required:
1. Determine the value of ending inventory that should be reported on the statement of financial position by applying the LCNRV rule to
a. Each item of inventory
b. Each major category of inventory
c. Total inventory
2. Which of the computations in (1) results in the lowest net earnings for 2014? Explain.
3. Which level of inventory aggregation (individual item basis, major categories, or total inventory) is permitted by IFRS? Why are the other levels of aggregation not acceptable? Explain.

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Per Unit tem Quant Cost Net Realizable Value Leather jackets Model 154 Model 160 Model 165 $100 180 250 $120 168 15 10 6 Model 11 Model 12 Model 13 45 65