3. North Company is preparing the annual financial statements dated December 31, 2020. Information about inventory stocked for regular sale follows: Quantity Unit Cost When Replacement Cost Item on Hand Acquired. (market) at year end A S30 $20 B 80 25 28 55 58 D 75 40 35 100 35 a. Compute the valuation for the December 31, 2020, inventory using the lower of cost or market basis. Make necessary adjusting journal entry(ies) b. Sold 15 units of Item A at $25 each and written-off 5 units of Item D. Make necessary journal entries