Lendl Co. has the following information related to its cheese inventory at the end of 2019: Acquisition Cost Item Brie Gouda Swiss Goat Quantity 3,050 1,500 7,100 3,200 Unit $3.00 5.50 1.50 7.00 Total $9,150 8,250 10,650 22,400 Net Realizable Value (market) $4.00 3.50 3.50 4.00 Required: a. Apply LCM on an item-by-item basis to determine the amount of inventory Lendl Co. should report on its balance sheet at 12/31/19. b. Prepare any adjusting entries necessary at 12/31/19. Date Account Debit Credit