1 (2 points) Rodeo, Inc. has two items in inventory: 16 ropes with a cost of $120 each and a net realizable value of $150 each AND 23 spurs with a cost of $27 each and a net realizable value of $22 each. At what cost should Rodeo report its inventory? $2,426 $2,906 $2,541 none of the other answers are correct