H 22.00 A D E F G 1 The December 31, 2020 inventory of Gwynn Company consisted of four products, for which certain information is provided below: 2 3 Product Quantity Original cost Replacement Cost Estimated disposal cost 4 A Expected Selling Price Normal Profit on Sales 1000 24.00 6.50 5 B 40.00 20% 500 42.00 40.00 10.00 6C 48.00 1500 25% 120.00 115.00 25.00 7 D 190.00 300 30% 19.00 15.80 4,00 26.00 8 10% 9 Instructions: 10 a. Using the LCM approach applied on an individual item basis, compute the inventory valuation that should be reported for each product on December 31, 2020 11 b. Record any necessary journal entries 12 13 14 SHOW ALL WORK FOR FULL CREDIT 15 16 17 18 19 20 21 22 23 24 25 26 22 28 29 30 31 Question 1 Question 2 Question 3 Question 4 + Ready