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Compute the amount reported on the balance sheet

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Question - A retailer collected the following information about its inventories to apply the lower of cost and net realizable value in valuing its three products: Product X - $65,000 cost and $68,000 NRV, Product Y - $45,000 cost and $41,000 NRV, and Product Z - $105,000 cost and $98,000 NRV. After the retailer values its inventory at the lower of cost or net realizable value, compute the amount reported on the balance sheet?

a. $215,000

b. $204,000

c. $207,000

d. $220,000

e. $205,000

Reference no: EM132762421

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