2. Firebirds Corporation sells four different products. The following information is available at December 31, 2020: Inventory Net Realizable Item # of units Cost per unit Value per unit 2 $10.50 $9.50 B 4 $10.00 $13.25 3 $8.75 $6.50 D 5 $11.00 $10.75 a) Assume the lower of cost or net realizable value rule is applied item-by-item Determine the ending inventory balance on the balance sheet at 12/31/2020: a. $142.25 b. $132.25 c. $145.25 d. $155.25 e. None of the above answers are correct b) What is the amount of the 2020 inventory write-down loss? c) Assume the lower of cost or net realizable value rule is applied in total for all inventory items as a whole. Determine the ending inventory balance on the balance sheet at 12/31/2020: d) What is the amount of the 2020 inventory write-down loss using the "in total" calculation? e) Which method is more likely to result in inventory write-down entries? The "item by item" method or the "in total method