Martinez Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following data are available at December 31. What amount should be reported on Martinez Furniture Shop's statement of financial position, after the lower of cost and net realizable value rule is applied to individual inventory items? What amount should be reported on Martinez Furniture Shop's statement of financial position, after the lower of cost and net realizable value rule is applied to individual inventory items