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Question 1 8 pts Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Product

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Question 1 8 pts Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: Product Cost Net Realizable Value Apples 6 5 Oranges 3 4 Bananas 2 3 If Alfalfa applies the LCNRV basis, determine the correct ammount of total inventory that Alfalfa should report

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