12/31/18, the end of Kellogg's Company's, the inventory was 170,000at cost and 165,000 at net realizable value.

Assuming that Kellogg uses the FIFO method.

12/31/19 inventory of Kellogg:

Product Cost Replacement Cost SellingPrice Disposal Costs Normal Profit on Sales

A 35,000 37,000 58,500 3,000 35%

B 47,000 38,000 59,000 5,570 20%

C 90,100 88,000 139,800 7,760 30%

D 73,500 75,000 113,900 6,250 30%

E 55,000 75,000 99,500 4,675 40%

a. Prepare the entry at 12/31/18 to implement the lower of cost or NRV procedure on a per-unit basis

b. Find the lower of cost or NRV for the inventory at 12/31/19 and prepare the entries necessary at 12/31/19

c. Find the LIFO inventory costing assumption and entries.