A store selling watches has 500 units left from the previous year valued at $50,000. This current year, there are updated stylish watches available and the store owner deems that they are now worth $42,000. What should be valued on the balance sheet? Select answer from the options below replacement cost 50,000 inventory cost $42,000 and a loss $8,000 inventory cost of $50,000 inventory cost $50,000 and a loss $8,000