5-21A (Algo) Inventory valuation based on the lower-of-cost-or-market rule LO 5-2 At the end of the year, Randys Parts Company had the following items in inventory. Item Quantity Unit Cost Unit Market Value P1 63 $ 88 $ 90 P2 34 61 71 P3 81 138 126 P4 36 58 66 Required a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randys Parts Company uses the perpetual inventory system. c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate. d. Provide the general journal entry necessary to write down the inventory based on Requirement c. Assume that Randys Parts Company uses the perpetual inventory system