Cheap Sheep Company developed the following information about its inventories in applying the lower of cost and net realizable value in valuing inventories: Product A B C Cost $70,000 50,000 100,000 a) $227,000. b) $220,000. c) $225,000. d) $218,000. NRV $75,000 48,000 102,000 After Cheap Sheep Company values its inventory at the lower of cost and net realizable value, the value of the inventory reported on the balance sheet would be