The accountants for Q-Logic Integrated Systems use the lower of cost or market (LCM) method to value inventory on the balance sheet in accordance with GAAP rules.The accountants have gathered the following information: 
At what amount will inventory will be reported on the balance sheet?
Definitions:
Reactive Power
The component of electrical power that does not result in useful work, measured in VARs (volt-amps reactive), and is generated by reactive components like capacitors and inductors.
Inductive Reactance
A measure of the opposition that an inductor presents to alternating current, due to the magnetic field created by the current.
Capacitive Reactance
The resistance that a capacitor offers to alternating current, depending on the frequency of the current and the capacitor value, measured in ohms.
AC Circuit
A circuit in which the current changes direction periodically, powered by an alternating voltage source.
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