M7-7 Reporting Inventory Under Lower of Cost or Market L07-4 Wood Company had the following inventory items on hand at the end of the year. Computing the lower of cost or market on an item- by-item basis, determine what amount would be reported on the balance sheet for inventory Quantity Cost per Item Net Realizable Value por tom Lower of Cost Reported on o r Market Balance Sheet Item A Item B Total M7-7 Reporting Inventory Under Lower of Cost or Market LO7-4 Wood Company had the following inventory items on hand at the end of the year. Computing the lower of cost or market on an item- by-item basis, determine what amount would be reported on the balance sheet for inventory. Quantity Cost per Item Net Realizable Value per Item 102 Lower of Cost Reported on o r Market Balance Sheet Item A Item B 57 Total