4. Tapps has an ending account balance of $4,950 for merchandise inventory on December 31, 2018. After performing a physical inventory count, the merchandise inventory on hand is actually $4,690. Prepare the journal entry to record the loss in merchandise inventory. 5. Applying the lower of cost or market to each item of inventory, what should the total inventory value be for the following items? Item B Inventory Quantity 300 200 100 Cost per Unit $15.00 $14.00 $17.00 Market Value per Unit $14.50 $15.00 $17.50 Total Cost $4,500 $2,800 $1,700 Total Market $4,350 $3,000 $1,750 | 11 unt $ 215 terms FOB shipping point, 2/10