Exercise 2 - Inventory write-downs: The table below provides information on five inventory items in Raphael Inc.'s stock on December 31, 2017: Inventory on December 31, 2017 Item uantit 130 70 915 34 749 Unit cost (FIFO) $9 $23 $5 $46 $2 Replacement cost (Market $20 $3 $50 Required: (a) Calculate Raphael Inc.'s inventory on December 31, 2017. Show calculations (b) Calculate the impact of the inventory write-downs on pretax income. Show calculations