b. Vargo uses the periodic LIFO method to account for the "tibed" inventory Vargo had the following inventory available for sale during the year. Balance on 1/1/17 3/15 purchase 5/20 purchase 7/11 purchase 10/27 purchase 12/2 purchase Uni 15,000 55,000 4 12,000 25,000 33,000 55,000 Cost $5.25 $6.30 $6.65 $7.08 $7.15 $7.43 Freight-in of $2.55 per unit was incurred on "tibed" inventory, and is not reflected in the cost per unit above. Compute cost of goods sold for the "tbed" product, and ending inventory (at historical cost). c. If the ending inventory had a replacement cost of $145,000 on 12/31/17, a net realizable value of $139,000 and a normal profit of $26,500, what is the dollar value of inventory reported at on the balance sheet? What adjustment and journal entry (if any) would be required