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  3. the following information concerns four items that

The following information concerns four items that Modern Woman Clothiers has in...

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Accounting

The following information concerns four items that Modern Woman Clothiers has in its ending inventory on December 31. Two of these items are in the accessories department, and two are in the women CEO department.
Quantity Unit Cost Net Realizable value
Accessories
Item 620235 $ 27 $ 24
Item 6211454750
Women CEO
Item 726959790
Item 7271254041
What is the valuation of ending inventory if the firm uses the lower of cost or net realizable value method and applies it on an item-by-item basis?
If the company applies the lower of cost or net realizable value method on the basis of total cost or total net realizable value, what is the value of ending inventory?
If the company elects to apply the lower of cost or net realizable value method to inventory groups, what is the value of the ending inventory?

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