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Novak Corp. developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories: Product Cost Market A $139000 $146000 B 98000 93000 C 195000 198000 After Novak Corp. applies the LCNRV rule, the value of the inventory reported on the balance sheet would be

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Answer:

$427,000

Explanation:

Calculation for what the value of the inventory reported on the balance sheet would be

Value of the inventory= $139,000 + $93,000 + $195,000

Value of the inventory = $427,000

Therefore the value of the inventory reported on the balance sheet would be $427,000

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