Swifty Furniture Shop Inc. uses the lower of cost and net realizable value basis $($LCNRV$)$ for reporting its inventory. The following

data are available at December $31.$

Units

Cost$/$Unit

Net Realizable Value

Tables

Large

$22$

$$271$

$$263$

Small

$18,146$

$152$

Chairs

$($a$)$

What amount should be reported on Swifty Furniture Shop's statement of financial position, after the lower of cost and net

realizable value rule is applied to individual inventory items?

LCNRV

Tables:

Large

Small

Chairs:

Plastic

Wooden

TotalSwifty Furniture Shop