At the end of the year, Randys Parts Company had the following items in inventory. Item Quantity Unit Cost Unit Market Value P1 70 $ 92 $ 94 P2 35 65 75 P3 83 134 122 P4 43 65 73 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. 1-B Toyland wishes to produce quarterly financial statements, but it takes a physical count of inventory only at year-end. The following historical data were taken from the Year 1 and Year 2 accounting records. Year 1 Year 2 Net sales $ 153,000 $ 199,000 Cost of goods sold 66,100 85,260 At the end of the first quarter of Year 3, Toylands ledger had the following account balances. Sales $ 231,000 Purchases 164,000 Beginning inventory 1/1/Year 3 64,100 Ending inventory 3/31/Year 3 96,000 Based on purchases and sales, the Toyland accountant thinks inventory is low. Required Using the information provided, estimate the following for the first quarter of Year 3: a. Cost of goods sold. (Use the average cost of goods sold percentage.) (Round your intermediate percentage values to 2 decimal places and final answer to nearest whole dollar amount.) b. Ending inventory at March 31 based on the historical cost of goods sold percentage. c. Inventory shortage