In March 2022, a retailer purchased 3 Master Chef BBQs at $450 per unit. The BBQs were priced at $499 per unit to customers. By the end of October 2022, two BBQs were sold and one was still in stock. As the product has gotten out of season, the retailer decided to lower the price of the BBQ to $399. Required (show all necessary computations): (1) How much should the retailer report in ending inventory of this type of BBQ by the end of October assuming the unit is unsold? Prepare the necessary journal entry to make the adjustment. (2) What is the name of the accounting principle or rule that requires the above adjustment