During 2020, Culver Furniture Limited purchased a railway carload of wicker chairs. The manufacturer of the chairs sold them to Culver for a lump sum of $58,400, because it was discontinuing manufacturing operations and wanted to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are as follows:

TypeNo. of Chairs Estimated Selling Price per Chair

Lounge chairs 460 $95

Straight chairs 620 55

Armchairs 350 84

Culver estimates that the costs to sell this inventory would be $4 per chair. During 2020, Culver sells 390 lounge chairs, 270 armchairs, and 150 straight chairs, all at the same prices as estimated. At December 31, 2020, the remaining chairs were put on sale: the lounge chairs at 25% off the regular price, the armchairs at 30% off, and the straight chairs at 40% off. All were expected to be sold at these prices.

Total cost 21439.29

Net realizable value 22721.5

What is the appropriate inventory value to be reported on the December 31, 2020 statement of financial position, assuming the lower of cost and NRV is applied on an individual item basis?

Inventory value=