Manley Company's inventory has a cost of $27,000 at the end of the year, and the net realizable value of the inventory is $32,500. Question 1. At which amount should the company report the inventory on its balance sheet? Question 2 Suppose the net realizable value of the inventory is $25,500 instead of $32,500. At which amount should Manley Company report the inventory? Question 3 What rule governs your answers to these questions? Select correct answer for above Question 1 O 27,000 O 32,500 O 25,500 O 34,000 *

Manley Company's inventory has a cost of $27,000 at the end of the year, and the net realizable value of the inventory is $32,500. Question 1. At which amount should the company report the inventory on its balance sheet? Question 2 Suppose the net realizable value of the inventory is $25,500 instead of $32,500. At which amount should Manley Company report the inventory? Question 3 What rule governs your answers to these questions? Select correct answer for above Question 1 27,000 32,500 25,500 34,000