M7-7 LO7-4 Reporting Inven tory under Lower of Cost or Market Wood Company had the following inventory items on hand at the end of the year: Cost Net Realizable Quantity per Item Value per Item -T $100 $110 60 Item A 70 Item B 30 85 Computing the lower of cost or market on an item-by-item basis, determine what amount wold reported on the balance sheet for inventory