ACC 557 Midterm Exam 100% correct Q 21

ACC 557Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis in valuing inventories:
                  Product                     Cost                          Market 
                        A                      $112,000                  $120,000
                        B                          80,000                     76,000
                        C                        155,000                    162,000
If Alfalfa applies the LCM basis, the value of the inventory reported on the balance sheet would be

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