Wood Company had the following inventory items on hand at the end of the year. Computing the lower of cost or net realizable value on an item-by-item basis, determine what amount would be reported on the balance sheet for inventory.

	quanity	cost per item	net realizeable vaule per item	lower of cost or nrv per item	reported on balance sheet
item a	70	$110	$100
item b	30	60	85
total