ACME Company purchases for resale 1,000 widgets for $78 each. At year end, the replacement cost is $80 per widget, the estimated selling price is $94 per widget, the disposal cost is $9 per widget, and the estimated markup is $12 per widget. If ACME uses LCM costing by item, at what amount will the widgets be reported on the balance sheet? $85,000 $79,000 $80,000 $73,000 $78,000