3 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 Estimated cost to sell 25 30 20 15 Normal profit margin 9 Replacement cost 55 965 65 45 40 1272 7589 84 70 52 Quiz company uses FIFO to account for inventory and applies valuation rules to individual inventory items. 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 A debit to holding loss on inventory for $2,370 No entry would be required