Part D$.(9$ points$)$: ABC uses the FIFO method of inventory valuation. The company had beginning inventory of $\backslash (\backslash$$ $50,000\backslash )$ and $\backslash (\backslash$$ $120,000\backslash )$ in total net purchases for the year. Their FIFO calculation resulted in $\backslash (\backslash$$ $71,500\backslash )$ in the ending inventory account as of December $31,2008.$ Additionally, the company's current replacement cost on December $\backslash (31^\{$n$\}\backslash )$ was $\backslash (\backslash$$ $70,000\backslash )$ for the same Inventory. The selling price was $\backslash (\backslash$$ $75,000\backslash ),$ the cost to sell the inventory was $\backslash (\backslash$$ $2,000\backslash )$ and the normal profit margin was $\backslash (\backslash$$ $21,000\backslash ).1)$ What balance should be in the ending inventory account as of December $31,2008$ using US GAAP? $2)$ What balance should be in the ending inventory account as of December $31,2008$ using IFRS? $3)$ Record an entry, if necessary, for $1)$ and$/$or $2)$ above, to reduce inventory to mariket. Assume the company uses the periodic method of recording inventory and the indirect method for writing inventory down to market value.