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Information about an item of inventory as of 12/31/2021 is given below. Historical cost $50 Selling price Selling costs Replacement cost Normal profit margin What is the lower-of-cost-or-market value for the inventory item on 12/31/20212 or to the above, the following information was available: (Beginning of the Year) GO story (at market) 45 17 $154,000 $147,000 me that the company has 3,500 units of inventory on 12/31/2021 (end of the year). Prepare the necessary journal entry on 12/31/2021. Information about an item of inventory as of 12/31/2021 is given below. Historical cost $50 Selling price Selling costs Replacement cost Normal profit margin What is the lower-of-cost-or-market value for the inventory item on 12/31/20212 or to the above, the following information was available: (Beginning of the Year) GO story (at market) 45 17 $154,000 $147,000 me that the company has 3,500 units of inventory on 12/31/2021 (end of the year). Prepare the necessary journal entry on 12/31/2021