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7 2.0 E7-12 (Algo) Reporting Inventory at Lower of Cost or Net Realizable Value L07-4 HT. 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: THEORY, CURLOPT YOUR Note Out hit Cot Whe Vi har hoid OS w Yed 60 $15 34 55 33 34 . onant 10 51 D Required: Compute the valuation that should be used for the current year ending Inventory using lower of cost or not realizable value applied on on item-bytem basis Total Nel Duantity Total Cost Reable arat Bosto NE A B 94 24 54 E 354 5 0 $