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 - $55,000 cost and $56,000 NRV, Product Y - $41,000 cost and $39,000 NRV, and Product Z - $58,000 cost and $55,000 NRV. After the retailer values its inventory at the lower of cost or net realizable value, the amount reported on the balance sheet would be:

Select one:

a.

$148,000

b.

$149,000

c.

$150,000

d.

$153,000

e.

$154,000