Reporting Inventory Under Lower of Cost or Market
Knight Company had the following inventory items on hand at the end of the year.
| Quantity | Cost per Item | Replacement Cost per Item |
Item A | 70 | $85 | $100 |
Item B | 30 | 60 | 55 |
Computing the lower of cost or market on an item-by-item basis, determine what amount would be reported on the balance sheet for inventory.
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