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9 Company reported to following information on its two inventory items on December 31, Year...

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Accounting

9 Company reported to following information on its two inventory items on December 31, Year 1.

Item Cost Net Realizable value Replacement cost Net Realizable value - normal profit
A $58,000 $60,000 $55,000 $51,000
B 61,000 62,000 65,000 58,000

Company uses the first-in, first-out (FIFO) inventory cost flow assumption and applies inventory valuation rules to inventory as a whole.

Determine the inventory balance Company should report on the balance sheet at December 31, Year 1.

Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345

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