20. Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable-value (LCM) basis in valuing inventories: Product Cost Market A $110,000 $120,000 B 80,000 76,000 155,000 162,000 If Alfalfa applies the LCNRV basis, the value of the inventory reported on the balance sheet would be A) $341,000. B) $345,000. C) $358,000 D) $362,000