ACME Incorporated's packaging division had the following values related to its ending inventory at December 31 : Required: Assuming that the company follows ASPE and uses a perpetual inventory system, (a) calculate the total value of ending inventory using the lower of cost and net realizable value model applied on an individual item basis. (5 marks) (b) Prepare the journal entry to record any adjustment required from part (a) assuming that the company uses the direct method