5 1 point Inventories are valued at lower of cost and net realizable value. Cost is determined appropriate cost formula like FIFO or weighted average. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Speciality Chemicals Inc. found that cost of its ending inventory $100000, market value of these inventory is 97% of cost. Over and above, the company has to pay brokerage of 1% on selling price What should be value of inventories? O $96030 $100,000 $97000 $ 96000 O $1 Next