#6 Memphis Bleak Wholesale Market (a LIFO company) applies lower-of-cost-or-market valuation to individual products and has collected the following data: Product A Product B Product C Units in ending 1,000 1,500 2,000 inventory Selling price $100 $125 $80 LIFO Cost 70 75 75 60 Current replacement 60 70 50 cost Disposal cost 15 155 20 20 8 Normal profit margin 30% 20% 20% Required: 1. Determine the Loss on Write Down to Market for Products A, B, and C assuming an individual products approach is used. 2. Prepare the journal entry to recognize the loss on write down to market under the loss (indirect) method using an allowance method