For December 31 2018, ending inventory stated:

170,000 at cost and at 165,000 for net realizable value.

12/31/19 inventory of Kellogg (FIFO METHOD):

Product // Cost// Replacement Cost // SellingPrice // Disposal Costs // Normal Profit on Sales

A // 35,000 // 37,000 // 58,500// 3,000 //35%

B // 47,000 // 38,000 // 59,000 // 5,570 //20%

C // 90,100 // 88,000 // 139,800// 7,760 //30%

D // 73,500 // 75,000 // 113,900 //6,250// 30%

E // 55,000 // 75,000 // 99,500 //4,675 //40%

Questions:

a. What is the entry at 12/31/18 to implement the lower of cost or NRV procedure on a per-unit basis

b. Find the lower of cost or NRV for the inventory at 12/31/19 and the journal entries

c. Find the LIFO inventory costing assumption and entries.