1. Entity C developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value (LCNRV item-by-item) basis in valuing inventories: Product Cost NRV A $120,000 $114,000 B 80,000 76,000 C 160,000 162,000 After Entity D applies the LCNRV rule, the value of the inventory reported on the balance sheet would be

   		$350,000.
   		$360,000.
   		$362,000
   		$352,000.