mm... [11 marks] Given the following inventory item under unit cost and market replacement cost as of October 31, 2D19. DI'IC'E [NICE [.'rl'IC'E'l [NICE ____ \"IE-___ ____ \"HE ____ Required: 1} Using the lower of cost or market {LCM} valuation method of the Conservatism Principle, what should the total inventory value be for the above item: 3} based on item valuation? {5 marks} b} based on overall valuation";I {2 marks} 2} Prepare journal entry to writeoff the reduction in inventory value, if any, for the year for part [1a) and {lb} above. {4 marks}