Problem 2 - Subsequent Inventory Measurement McGoos Company's balance sheet currently states inventory at a total cost of $65,628. However, prices have declined during the year and McGoos is concerned the inventory may be overstated. McGoos has the following items in its ending inventory: Required: a) Assuming the company uses FIFO, value the inventory at the lower of cost or net realizable value on an individual item basis, determine the total value of ending inventory, and prepare the journal entry to write-down the value of the ending inventory, if applicable. b) Assuming the company uses LIFO, value the inventory at the lower of cost or market on an individual item basis, determine the total value of ending inventory, and prepare the journal entry to write-down the value of the ending inventory, if applicable