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 YEAR Item Quantity on Hand Unit Cost When Acquired (FIFO) Net Realizable Value (Market) at Year-End A 60 $ 25 $ 22 B 90 40 50 C 20 58 62 D 80 35 40 E 360 20 15 Required: 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.