Alfalfa Company developed the following information about its inventories in applying the lower-of- cost-or-market (LCM) basis in valuing inventories: Product Cost Market A $112,000 $120,000 B 80,000 76,000 C 155,000 162,000 If Alfalfa applies the LCM basis, the value of the inventory reported on the balance sheet would be $343,000. $347,000. $358,000. $362,000