Bradbury pic runs a small chain of retail shops selling fashion jewellery. The jewellery is acquired from a wholesaler. Bradbury's accounting date is 31" December. On 31 December 2020, all items of inventory were counted and valued at their purchase cost. It was then agreed that there were some items that were damaged and would have to be thrown away, and some lines that were not selling well and that would have to be re-priced for a quick sale. Information on this is as follows: 120,300 ES 100 Inventory at cost on 31 December 2020: Cost of damaged items: Cost of items to be re priced: Estimated net selling value of re-priced items: 6.200 1,000 Your taske (a) What is the value of closing inventory that should be shown on the SOFP as at 31 December 2020? (b) Record the inventory write-down that needs to take place using the expanded accounting equation