04 (6 marks) (*) (3 marks) At year-end, the perpetual inventory records of Robert Inc. indicate 105 units of a particular product in inventory, acquired at the following dates and unit costs Acquisition Date Quantity Unit Cost May 3 15 S25 Sept. 9 60 1539 A complete physical inventory taken at year-end indicates only 65 units of this product actually are on hand Determine the dollar amount of the shrinkage loss assuming that Robert uses LIFO method and record the journal entry (b)(3 marks) Tesco Systems sells a single product. At 31 December 2020, the company's perpetual inventory records indicate 2.500 units on hand with a total cost (FIFO basis) of $155.000. The replacement cost of this product at this date is 535 per unit. Any inventory loss in excess of S50 000 is material Prepare joumal entries to record the write-down of the inventory to the lower-of-cost-or-market value at 31 December, 2020