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Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis...

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Accounting

Alfalfa Company developed the following information about its inventories in applying the lower-of-cost-or-market (LCM) basis in valuing inventories:
 Product Cost Market LCM
 A $210,000 $420,000
 B 180,000 176,000
 C 125,000 132,000
 Total 345,000 358,000 
If Alfalfa applies the LCM basis, the value of the inventory reported on the balance sheet would be

$341,000.

$545,000.

$511,000.

$362,000.

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