Brief Exercise 6-37 (Algorithmic) Lower of cbitor Market Gardia company es FIFO, and its inventory at the end of the year was recorded into accounting records at 549,000. Due to technological changes in the market, Garcia would be able to replace its ventory for $44.020, Required: 1. Using the lower of cost market method, what amount should Garcia report for invertorv on to balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cont or market Dec. 31 (Inventory adjustment to market value)