1 You find the following disclosure in the balance sheet of a major company

Inventory at Cost $459,000

Less:Allowance to Reduce Inventory to LCM ( 9,000)

Inventory at LCM 450,000

(a)The net income for the current year was reduced $9000 by applying the LCM method

(b)The market value of inventory is $450,000

(c)total losses to date on inventory write downs equal $9000

(d)All of the above

(2)A company computes the lower of cost or market on its inventory on an item by item basis.The following information relates to the 2X2 inventor

Item	Cost	Estimated Selling Price	Normal Profit	Selling costs	Replace Cost
101	$ 24	$32	4	6	15
102	16	24	2	3	16
103	24	40	4	10	32

The Company has 500 units of item 101, and 1000 each of items 102 and 103. what amount should be reported for inventory on the 20X2 balance sheet.