2 Quiz Company had the following five items in inventory as of December 31, 2022. Item 1 Item 2 Item 3 Item 4 Item 5 Units Cost 100 120 90 110 100 $70 $65 $55 $45 $40 Selling price 85 90 80 75 70 Estimated cost to sell 25 30 20 15 12 Normal profit margin 9 8 8 7 Replacement cost 55 65 65 45 40 52 Quiz company uses LIFO to account for inventory and applies valuation rules to inventory as a whole. The entry to adjust inventory valuation on December 31, 2022 would include: OA debit to holding loss on inventory for $1,600 OA debit to holding loss on inventory for $1,750 OA debit to holding loss on inventory for $2,370 No entry would be required