PLZ HELP

Problem II: (worth 8 points) Carter Corp lost its entire inventory in a firre on March 1, 2023. The following information is available for 2023 : Additional Information: The company's yearly gross profit percentage is 65%. Question: What is the estimated cost of the inventory lost in the fire? Answer: $ Calculations: Problem III: (18 pts) A company has 3,000 units of an inventory product on 12/31/23. These units have an original cost of $90 each. A lower-of-cost-or-market (LCM) analysis shows that the designated market value of these units is $75 each. A. Assuming the company uses the direct method to adjust its inventory to the lower-of-cost-or-market, prepare the year-end adjusting entry to reflect the application of the LCM method. Assume the inventory has not been previously written down. (9 pts) B. Assume that the company uses the indirect method to adjust its inventory to the lower-of-cost-ormarket and assume the "Allowance to Reduce Inventory to Market" account already has a beginnins normal account balance of $12,000. Prepare the year-end adjusting entry to reflect the application the LCM method. ( 9 pts)