Problem 3 (8 points) Abe Company has three products in its inventory. Information about them on December 31 2000 follows: Product Quantity Unit cost Replacement Unit selling 2,000 1,000 800 $12 15 20 cost $13 12 23 price $15 20 25 There is a 12 percent sales commission to dispose of inventory. The normal profit percentage for each product is 40 percent of the selling price. a) Determine the balance sheet inventory carrying value at December 31, 2000 assuming the LCM rule is applied to individual products. (4 points) Assuming that Abe recognizes an inventory write-down as a separate income statement item, determine the amount of the loss. (4 points) b)