Inventory on the balance sheet Based on the data below, how would the inventory appear on the balance sheet, assuming that the lower of cost or market is used and the cost is determined by the First-in, first-out (FIFO) method? Total cost: $248,000 Total market: $252,350 Lower-of-cost-or-market (LCM): $239,350 The inventory would appear in the section, as follows: