Answer: 414,000
Explanation:
After Blossom Company applies the LCNRV rule, the value of the inventory reported on the balance sheet would be calculated as the addition of the lower between the market and.cost for each product. This will be:
Product A: Lower of 135000 or 142000 = 135,000
Product B: Lower of 94000 or 90000 = 90,000
Product C: Lower of 189000 or 191000 = 189,000
Value of inventory will then be:
= 135,000 + 90,000 + 189,000
= 414,000
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