E$7-12($Algo$)$ Reporting Inventory at Lower of Cost or Net Realizable Value LO$7-4$

H$.$T$.$ Tan Company is preparing the annual financlal statements dated December $31$ of the current year. Ending Inventory Information about the five major Items stocked for regular sale follows:

$\backslash$table$[[$Item$,$ENDIN,INVENTORY, CURRENT YEAR$],[\backslash$table$[[$Quantity$],[$on Hand$]],\backslash$table$[[$Unit Cost when$],[$Acquired$],[($FIFO$)]],\backslash$table$[[$Net Realizable$],[$Value $($Market$)],[$at Year$-$End$]]],[$A$,62,$$$13,16],[$B$,92,41,31],[$C$,22,53,49],[$D$,82,31,26],[$E$,362,5,11]]$

Requlred:

Compute the valuation that should be used for the current year ending Inventory using lower of cost or net realizable value applied on an Item$-$by$-$Item basis.

$\backslash$table$[[$Item$,$Quantity,Total Cost,$\backslash$table$[[$Total Net$],[$Realizable$],[$Value$]],\backslash$table$[[$Lower of$],[$Cost or$],[$NRY$]]],[$A$,62,,$:$.,],[$B$,92,,,],[\frac{?}{\text{b}\text{a}\text{r}}(c),22,,,],[$D$,82,-,,],[E,302,,,],[$Total$,5,0,5]]$