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KITE Company buys kites at $ 2 4 each from a supplier. At the end of 2 0 2 7 , the company evaluates its

KITE Company buys kites at $

24

each from a supplier. At the end of

2027,

the company evaluates its inventory based on LCNRV

(

lower of cost or net realizable value

) .

For each kite sold, the company sells it at $

32

and pays the sales assistant $

2

for commission. How much should the company report on its

2027

balance sheet for each kite in inventory?

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