Firm A has five products in its inventory. The cost to sell each product consists of a 20% sales commission. The normal profit margin for each product is 30% of selling price. As of December 31, 2021, the following information pertains to Firm A's inventory: a. Assume Firm A applies the Lower of Cost or Net Realizable Value (LCNRV) rule at an individual product level. What is the total value of inventory reported? If necessary, what is the amount of the write-down? TotalValueofInventoryValueofWrite-Down=$=$ b. Assume Firm A applies the Lower of Cost or Market (LCM) rule at an individual product level. What is the total value of inventory reported? If necessary, what is the amount of the write-down? Total Value of Inventory =$ Value of Write-Down =$ c. Assume the value of inventory write-down is $15,000. Prepare the adjusting journal entry needed if write-downs are common for Firm A: Firm A has five products in its inventory. The cost to sell each product consists of a 20% sales commission. The normal profit margin for each product is 30% of selling price. As of December 31, 2021, the following information pertains to Firm A's inventory: a. Assume Firm A applies the Lower of Cost or Net Realizable Value (LCNRV) rule at an individual product level. What is the total value of inventory reported? If necessary, what is the amount of the write-down? TotalValueofInventoryValueofWrite-Down=$=$ b. Assume Firm A applies the Lower of Cost or Market (LCM) rule at an individual product level. What is the total value of inventory reported? If necessary, what is the amount of the write-down? Total Value of Inventory =$ Value of Write-Down =$ c. Assume the value of inventory write-down is $15,000. Prepare the adjusting journal entry needed if write-downs are common for Firm A