Never Company developed the following information about its inventories in applying the lower-of-cost-or-net realizable value (LCNRV) basis in valuing inventories: 
If Never applies the LCNRV basis, the value of the inventory reported on the statement of financial position would be
Definitions:
Pass-through Entity
A business structure where the entity itself pays no taxes on the business income, but this income is passed through to the individual owners, who pay personal income tax on it.
Taxpaying Entity
An individual, a company, or an organization that is legally obligated to pay taxes to a governmental authority.
Option of Partners
The right or ability within a partnership to make decisions or select alternatives regarding the business's operation or structure.
General Partner
In a limited partnership, a partner who assumes responsibility for the management of the partnership and has full liability for all partnership debts.
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