Save Part 12 = Homework: Ch 5HW Question 4, E5-22A (simil. HW Score: 60%, 6 of 10 points O Points: 0 of 2 Clarmont Resources, Inc. has the following account balances at May 31, 2018. The inventory balance was determined using FIFO. (Click the icon to view the balancen.) Clarmont Resources, Inc., has determined that the replacement cost (current market value) of the May 31, 2018, ending inventory is $35,700. Read the requirements Requirement 1. What value would Clarmont Resources, Inc., report on the balance sheet at May 31, 2018, for inventory, assuming the company uses the lower-of-cont.or market rulo? According to the lower-of-cost-or-market rulo. Clarmont Resources, Inc., should report inventory on the May 31 balance sheet Question 4 66.22A (simil MW Sed Save $34,800 Data Table $35, 700 Cost of goods sold Sales revenue $36 300 Bog Bal End Bal Inventory 34 800 36,800 500,000 Bal 39.000 Bal 170,000 $175,000 lower of cost or market uten Print Done Help Me Solve This DemoDocs Example Get More Help Clear All Check