5. Information about an item of inventory as of 12/31/2021 is given below: Historical cost $50 Selling price 63 Selling costs 5 45 Replacement cost 17 Normal profit margin a. What is the lower-of-cost-or-market value for the inventory item on 12/31/2021? b. In addition to the above, the following information was available: $154,000 On 1/1/2021 Inventory (at cost) $147,000 Inventory (at market) Assume that the company has 3,500 units of inventory on 12/31/2021. Prepare the necessary journal entry on 12/31/2021