Jenks Company developed the following information about its inventories in applying the lower

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Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:

 

Product        Cost              Market

A           $57,000        $60,000

B           40,000          38,000

C           80,000          81,000

 

If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be

 

$175,000.

 

$181,000.

 

$177,000.

 

$179,000.
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