Product Cost arket $110,000 $120,000 80,000 155,000 76,000 162,000 Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis in valuing inventories: If Alfalfa applies the LCM basis, the value of the inventory reported on the balance sheet would be $341,000. $345,000. $358,000. $362,000