Essence Ltd is in the business of buying and selling cooking sauces. On 30th June 2022, Essence Ltd had unsold inventory with a purchase price of $50,000 nearing the expiry date. Essence Ltd decided to reduce the selling price of the cooking sauces to an estimated net realisable value of $25,000. The inventory will be recorded in the Balance Sheet, as at 30th June 2022, as follows: (a) Inventory will be recorded at the purchase price (or historical cost) of $50,000 (b) Inventory will be recorded at the net realisable value of $25,000 (c) Inventory can be recorded at either net realisable value or the purchase price (d) None of the above