looking for help on this practice problem I am stuck on!

Valuing Inventory at Lower-ofCostor-Market Management of Tarry Company takes the position that under the lowerofcostormarket rule, the two items below are reported in ending inventory at $26,560 (total). Inventory cost is reported using LIFO. . Edgers: 480 in inventory; cost is $22 each; replacement cost is $16 each; estimated sale price is $30 each; estimated distribution cost is $3 each; and normal profit is 10% of sale price. - Hedge clippers: 320 in inventory; cost is $50 each; replacement cost is $36 each; estimated sale price is $90 each; estimated distribution cost is $28 each; and normal prot is 20% of sale price. a. Compute your inventory valuation by item and in total for the Tarry Company inventory reported above. Inventory valuation for edgers $ 3,840 x Inventory valuation for hedge clippers 11,520 x Total inventory valuation $ 15,360 x b. Prepare the entry, if any, to report inventory at the lowerofcostormarket. Assume that all adjustments directly impact cost of goods sold and inventory. Account Name Dr. Cr. 11,200 x 0 V 0 V 11,200 3: Inventory Cost of Goods Sold 0 0