b. Vargo uses the periodic LIFO method to account for the tibed"inventory. Vargo had the following inventory available for sale during the year. Units Cost Balance on 1/1/18 15,000 $6.25 3/15 purchase 55,000 $6.30 5/20 purchase 44,000 $6.45 7/11 purchase 25,000 $7.08 10/27 purchase 33,000 $7.25 12/2 purchase 46,000 $7.37 Freight-in of $2.75 per unit was incurred on "tibed" inventory, and is not reflected in the cost per unit above. Compute cost of goods sold for the tibed" product, and ending inventory (at historical cost). c. If the ending inventory had a replacement cost of $112,000 on 12/31719, a net realizable value of $149,000 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