3. North Company is preparing the annual financial statements dated December 31, 2020. Information abou inventory stocked for regular sale follows: on Hand Item A B C D Quantity Unit Cost When Replacement Cost Acquired (market) at year end 100 $30 $20 80 28 35 55 58 75 40 35 25 a. Compute the valuation for the December 31, 2020, inventory using the lower of cost or market bas 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 entri