please show work step by step

Problem 2. Inventory Remeasurement (24 points) Ace Venture Animal Feeds has developed the following data in order to calculate the lower-of-cost-or-net-realizable-value for its products. The individual products are listed individually among their categories of feed (in thousands): Selling Price Cost Replacement Cost $180 220 $100 160 $80 140 Large animals: Cattle Horse Small animals: Cat Dog Exotic pets: Ferret Iguana $250 360 $175 335 $180 320 $180 230 $140 180 $130 170 The disposal costs are 10% of the selling price and the normal profit margin on all feed is 20% of the selling price. Required: a. Compute the lower-of-cost-or-net-realizable value by individual item, classification, and in total. 5. Prepare the journal entry to adjust inventory using total inventory approach