Information about an item of inventory as of 12/31/21 is given below: Historical cost 850 Selling price 63 Selling costs 5 45 17 Replacement cost Normal profit margin a) What is the lower-of-cost-or-market value for the inventory item on 12/31/2021? b) In addition to the above, the following information was avaiable: On 01/01/2021 (Beginning of the year) Inventory (at cost) $154000 ,000 Inventory (at market) $147,00 Assume 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 O