Cohen Company Follows U Cohen Company's Balance Sheet at December 31, 2018 Reports the for Inventory

Cohen Company follows U.S. GAAP and uses the lower-of-cost-or-market rule for inventory. At December 31, 2018, the following data is available:
$$\begin{array} { | l | l | } \hline \text { Cost under LIFO } & \$ 420 \text { per unit } \\\hline \text { Current Replacement Cost } & \$ 365 \text { per unit } \\\hline \text { Expected Selling Price } & \$ 400 \text { per unit } \\\hline \text { Estimated Disposal Costs } & \$ 50 \text { per unit } \\\hline \text { Normal Profit } & 25 \% \text { of selling price } \\\hline \text { Quantity of Ending Inventory } & 100,000 \text { units } \\\hline\end{array}$$
Cohen Company's balance sheet at December 31, 2018 reports the following:
$$\begin{array} { | l | r | } \hline \text { Inventory at cost } & \$ 42,000,000 \\\hline \text { Less: Allowance to reduce inventory to market } & 5,500,000 \\\hline \text { Net } & \$ 36,500,000 \\\hline\end{array}$$
Required:
Determine the correct balance for inventory at December 31, 2018.