Problem 5-21A (Static) Inventory valuation based on the lower-of-cost-or-market rule LO 5-2 At the end of the year, Randy's Parts Company had the following items in inventory. Unit Market Value Item PL Quantity Unit Cost 60 $85 $ 90 P2 40 70 72 P3 80 130 120 70 125 130 P4 Required a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy's Parts Company uses the perpetual inventory system. c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate. d. Provide the general journal entry necessary to write down the inventory based on Requirement c. Assume that Randy's Parts Company uses the perpetual inventory system. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy's Parts Company uses the perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required A Required B Required C Required D Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy's uses the perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" account field.) View transaction list Journal entry worksheet < 1 Record entry for inventory loss. Note: Enter debits before credits. Event 01 General Journal Debit Credit Required A Required B Required C Required D Provide the general journal entry necessary to write down the inventory based on Requirement c. Assume that Randy" uses the perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required account field.) View transaction list Journal entry worksheet 1 Record entry for inventory loss. Note: Enter debits before credits. Event 01 General Journal Debit Credit