Inventory on the Balance Sheet On the basis of the following data, determine the value of the inventory at the lower of cost or market. Refer to Exhibit 8 for guidance. Inventory Quantity Product Cost per Unit Market value per Unit (Net Realizable Value) Adams 53 201 210 Coolidge 101 158 131 McKinley 12 525 490 Garfield 125 70 59 Lincoln 150 158 165 Assuming that the cost was determined by the FIFO method, show how Inventory would appear on the balance sheet The inventory would appear in the Current Assets section of the balance sheet as follows: Inventory at lower of cost (FIFO) or market