Gamma Company uses the FIFO method to cost its inventory and thus report inventories at the lower-of-cost-or-net realizable value (LCNRV). At December 31, 2025, Gamma's finished goods inventory had a cost of $32,000. The expected selling price was $40,000. The company incurs selling costs of 25% of the expected selling price. Gamma will report the inventory on its December 31, 2025 balance sheet at: $50,000 $32,000 $30,000 O $40,000