3 Cougar Company reports its inventory at the lower of cost or net realizable value, and rarely needs to mark down its inventory due to decreases in net realizable value. Cougar pays its sales force a commission of 10% of selling price for each item sold. Costs, quantities, and selling prices for Cougar's year-end inventory are as follows Item Cont Quantity Selling Price $40 300 220 $50 320 IITT 65 60 190 70 D 150 100 200 E 200 40 250 What amount did Cougar Company report for its inventory on the balance sheet? 15 points) Prepare the journal entry, if any, that Couge reconded to adjust its inventory value at year-end fo entry was needed, cord " entry needed 15 points)