Problem 5-21A Inventory valuation based on the lost-or-market rule LO 5-2 At the end of the year, Randy's Parts Co. had the following items in inventory Iten Quantity P1 P2 P3 PA 36 88 32 Unit Cost $ 82 60 136 50 Unit Market Value $ 89 70 124 68 Required a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item Ending inventory b. Provide the general journal entry necessary to write down the inventory based on Requirement a Assume that Randy Parts Co uses the perpetual inventory system (if no entry is required for a transaction/event, select "No journal entry required in the first Journal entry worksheet 1 Record entry for inventory loss. Note: Enter debits before credits Event 01 General Journal Debit Credit Record entry Clear entry View general Journal c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate Ending Inventory d. Provide the general Journal entry necessary to write down the inventory based on Requirement. Assume that Randy's Parts Co uses the perpetual inventory system(If no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction fint Journal entry worksheet 1 Record entry for inventory loss d. Provide the general journal entry necessary to write down the inventory based on Requirement c. Assume that Randy's Parts Co. uses the perpetual inventory system (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet