1. Waterloo Inc. is a distributor of wastewater tanks. Due to recent declines in plastic resin costs, the cost of these tanks has been reduced. Here is the recent history of the purchases of the SX100 tank this past quarter. July 1 July 14 August 7 August 27 Sept 12 Beginning Inventory Purchase Purchase Purchase Purchase 20 units @ $480.00 each 40 units @ $500.00 each 20 units @ $390.00 each 30 units @ $370.00 each 20 units @ $375.00 each On September 18, 2023, Waterloo examined the SX100 inventory and found that they have 35 units in ending inventory. Waterloo uses periodic LIFO costing updated quarterly. Waterloo found that new SX100 tanks can now be purchased for $360.00 each. The estimated selling price of the SX100 tanks is $570.00 each. No refurbishment is needed. The usual profit margin on the SX100 is 25% of the selling price. Provide the adjusting entry (if needed) to revalue the inventory.