Red Compary roporisd the followng information for ts two items of inventory on December 31, Year 1 Rea Company uses FiFo and apotes imvemory valuaton nules to the individual tioms. Delemine he amoint that Red Company should report as inventory on the balance theet at December 31, Year 1 . Assume one unit of iem A and cone unit of item B 51,650 $1,851 $1.900 $2.050