Remaining Time: 2 hours, 09 minutes, 57 seconds. v Question Completion Status: as moving to another questioerwer save this responses Question & B 10 points She 5. Informacion about an item of inventory as of 12/31/2021 is given below Historical cost $50 Selling price 63 Selling costs 5 Replacement cost 45 Normal profit margin 17 What is the lower-of-cost-or-market value for the inventory item on 12/31/20217 b. In addition to the above, the following information was available On 1/1/2021 (Beginning of the Year) Inventory (at cost) Inventory (at marke $154,000 $147,000 Assume that the company has 3.500 units of inventory on 12/31/2021 (end of the years. Prepare the necessary journal entry on 12/31/2021. For the toolbar, press ALT+F10 (PC) or ALT+F10 (Ma