In the 4th quarter of Year 1, Eloise Corp produced three products that it still has in inventory at December 31, the end of its fiscal year. The following table provides information about each product: Replacement Selling Product Cost Cost Price 1 $140 $150 $170 2 $180 $165 $170 3 $120 $110 $90 Eloise Corp expects to incur selling costs equal to 5% of the selling price of each product. Based on the above determine the amount at which Eloise Corr should report its inventory on the December 31, Year 1 balance sheet. Prepare the necessary. journal entry at December 31. Year 1