In December year 1, Johnny corporation produced three products that it still has in inventory at December 31, the end of its financial year. Information about these products is as following: Product Cost ($) Replacement cost ($) Selling price ($) A 250 280 300 270 240 260 C 200 180 150 Johnny company estimates the selling costs is 10 percent of the selling price of each of these products Required: Calculate the amount at which Johnny company should report its inventory in balance sheet on December 31, year 1

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