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Weldon Animal Feeds has developed the following data for lower of cost and net realizable...

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Accounting

Weldon Animal Feeds has developed the following data for lower of cost and net realizable valuation for its products (in thousands): Selling Price Cost Large animals category: Cattle $320 $160 Horse 400 350 Small animals category: Cat $360 $320 Dog 120 90 Exotic pets category: Ferret $140 $112 Iguana 70 48 The costs to sell are 20% of selling price. Required: Determine the reported inventory value assuming the lower of cost and net realizable value rule is applied to categories of feeds.

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