H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year....

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H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YLAR Net Realizable Quantity on Hand 50 80 10 Value (Market) at Year-End $ 12 40 52 Unit Cost When Aoquired (FIE0) $ 15 30 Item 48 70 25 30 350 10 Required: Compute the valuotion 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. Lower of Cost or NRV Total Net Item Quantity Total Cost Realizable Value 50 80 10 D. 70 350 Total H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular sale follows: ENDING INVENTORY, CURRENT YLAR Net Realizable Quantity on Hand 50 80 10 Value (Market) at Year-End $ 12 40 52 Unit Cost When Aoquired (FIE0) $ 15 30 Item 48 70 25 30 350 10 Required: Compute the valuotion 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. Lower of Cost or NRV Total Net Item Quantity Total Cost Realizable Value 50 80 10 D. 70 350 Total

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