Current Attempt in Progress Crane's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Crane's Gift Shop's year end, December 31: Net Realizable Value Units Unit Cost Clothing 91 $7 Jewellery 76 20 20 Greeting cards 44 2 per Unit $6 22 3 w Stuffed toys 50 12 40 (a) Determine the lower of cost and net realizable value of the ending inventory assuming Crane's Gift Shop applies LCNRV on individual items. Lower of cost and net realizable value $