q7

A retailer collected the following information about its inventories to apply the lower of cost and net realizable value in valuing its three products: Product X - $56,000 cost and $57,000 NRV, Product Y - $24,000 cost and $25,000 NRV, and Product Z - $98,000 cost and $92,000 NRV. After the retailer values its inventory at the lower of cost or net realizable value, the amount reported on the balance sheet would be: Select one: a. $172,000 b. $171,000 c. $166,000 d. $165,000 e. $178,000