Sheridan Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31. Types: Unit Net Realizable Value Units Unit Cost Marilyn 14 $152 $148 Farrah 10 224 230 Jane 7 74 99 J-Lo 8 191 220 Cpt. Kirk 11 162 108 Your answer is incorrect. Now assume Sheridan combines all wigs together for the purposes of determining LCNRV. What amount should be reported on Sheridan's balance sheet at year end? Value of inventory $ 1