Company B has the following information about its inventories: Assume the company applies the Lower-of-cost or Net-realizable-value (LCNRV) basis to update its inventory records. Question 7 (5 points): Using LCNRV basis, when an inventory's cost is lower than its net realizable value, Company B keep for that inventory in the balance sheet. A) the cost B) the net realizable value C) the average of cost and net realizable value Question 8 (5 points): Using LCNRV basis, when an inventory's cost is the same as its net realizable value, Company B keep for that inventory in the balance sheet. A) either the cost or net realizable value B) the sum of the cost and the net realizable value C) neither the cost nor net realizable value, but another value decided by the CEO Question 9 (5 points): Based on the information provided, Company B should report the updated value of Product A as: A) $112,000 B) $120,000 C) $116,000