QUESTION 3 (12 marks) Part A-(7 marks) The following data regarding ending inventory of Swizz Watch which were taken from the inventory account of SWITCH WATCH COMPANY as of December 31, 2021. The company uses the perpetual FIFO inventory costing method: Total Cost Total Market Description Switch watch - Model A Switch watch - Model B Switch watch - Model C Switch watch - Model D Switch watch - Model E Inventory Unit Cost Unit Market Quantity Price Price 5 $500 $620 8 750 700 2 900 1,100 7 1,200 1,100 10 820 980 $2,500 6,000 1,800 8,400 8,200 $3,100 5,600 2,200 7,700 9,800 Required: a) What value of the inventory at the lower of cost or market (LCM) method should be reported in the balance sheet as of December 31, 2021, based on itemized basis? (5 marks) b) Journalize the write down of inventory, if any, of part (a) above to cost of goods sold. (2 marks)