Under a periodic inventory system, purchase of inventory is recorded with a debit to accounts payable cash purchases Hverstary Assume that Allie Bikes, Inc. is currently preparing financial statements and hold two bicycles in ending inventory. Model No.7 cost the company $360 while Mode No.9 cost $680 . As mentioned, Model No.7 now has a replacement cost of only $150 . Because of market conditions, the exact sales value is uncertain. The othe unit, Model No.9, has been damaged and can only be sold for $700 after $50 is spent for necessary repairs. This inventory has a cost of $1 , 040 ( $360 + $680 ) . What should Allie report for its asset inventory? $830 $800 $1 , 040 $1.070 x