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 S5 $46 S2 Replacement cost (Market $12 $20 S3 $50 $1 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