5. Information about an item of inventory as of 12/31/2011 is given below. Historical cost SSO Selling price 63 Selling costs 5 Replacement cost 45 Normal profit margin 17 a. What is the lower-of-cost-or-market value for the inventory item on 12/31/2011? b. In addition to the above, the following information was available: On 1/1/2011 Inventory (at cost) $154,000 Inventory (at marketi $147,000 Assume that the company has 3.500 units of inventory on 12/31/2011. The company uses loss method to record Inventory at market. Prepare the necessary journal entry on 12/31/2011