Data on the physical inventory for Lu Company as of December 31, 2019 are given below. Inventory items Quantity on hand Unit Cost Unit NRV Appliances: Refrigerators Dishwashers 18 Ovens 285 $2,000 $1,800 $1,200 $1,100 $1,000 $1.200 Electronics: Stereos Televisions 20 25 $1,400 $1,800 $1,500 $1,704 Assuming Lu Company applies the lower-of-cost-or-net realizable value method on the inventory by major category of items, the inventory balance reported on the Balance Sheet as of December 31, 2019 will be