3) Company has inventory at the end of the period with a historical cost of $10.000 When does a company need to write down the cost of inventory on the balance sheet? a) when the net realizable value is higher than the historical cost b) when the net realizable value is lower than the historical cost c) when the net realizable value equals the historical cost d) You never change the historical cost of the inventory on the balance sheet Questions 23 and 24 Cost 100,000 120,000 10,000 Selling Price Estimated selling cost Net realizable value 72 (for question 23) ilso 90,000 25,000 Sales Cos Replacement cost Gross profit Market value 7? (for question 24) 23) For companies using the Lower of cost or net realizable value, the inventory balance will be s 1101000 24)) For companies using the Lower of cost or net market value, the inventory balance will be: 25 Beginning Inventory Purchases Cost of Goods Available for Sale Cost of Goods Sol 20,000 100,000 120,000 Sales Revenue 200,000 Gross Profit Ending Inventory 0% of the Gross Profit method to compute ending i entory, the gross profit percentage is Sales Revenue. Use that to compute the Cost of Goods Sold What is the ending inventory