Final answer:
The value of Swifty Company's inventory reported on the balance sheet under the lower-of-cost-or-net realizable value basis would be $352,000, which is the sum of the lower amounts between cost and net realizable value for each product: $126,000 for Product A, $72,000 for Product B, and $154,000 for Product C.
Step-by-step explanation:
The question relates to the application of the lower-of-cost-or-net realizable value (LCNRV) basis for valuing inventories in a business context. According to the LCNRV rule, inventory items should be reported at the lower of either the historical cost or the net realizable value (the estimated selling price in the ordinary course of business, minus reasonably predictable costs of completion, disposal, and transportation). To determine the inventory value for Swifty Company, each product's cost must be compared to its net realizable value, and the lower amount must be used for inventory valuation on the balance sheet.
Product A: Cost $129,000, Net realizable value $126,000 - Use $126,000
Product B: Cost $80,000, Net realizable value $72,000 - Use $72,000
Product C: Cost $154,000, Net realizable value $155,000 - Use $154,000
Summing up these amounts, the total inventory value reported on the balance sheet would be $126,000 + $72,000 + $154,000 = $352,000. The correct option matches with answer choice (c) $352,000.