Could someone help solve? I'm a little stuck.

Brief Exercise - Algorithmic) Lower of Cottereket Garcia Cathedrading to tellung in the Gardero Required: 1. Uning the lower of cost or more method, what should Garcia bort for that the host the 2. Prepare the joomanty required to the worst the cost of Dec. 31 Tento adjustment to market Brief Exercise 6-37 (Algorithmic) Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was recorded in its accounting records at $50,800. Due to technological changes in the market, Garcia would be able to replace its inventory for $38,100. Required: 1. Using the lower of cost or market method, what amount should Garcia report for inventorypon its balance sheet at the end of the year? 2. Prepare the journal entry required to value the inventory at the lower of cost or market. Dec. 31 (Inventory adjustment to market value)