On the basis of the following inventory information of Sam Bike Company as of December 31, 2019, determine the value of the inventory at the LCM method. Also, show how the inventory would appear on the balance sheet (assume that the cost was determined by the LIFO method) Cost Market Item* Group Bicycles: Boy's bicycles $ 4,200 $ 4,600 Girl's bicycles 3,800 3, 100 Junior bicycles 5,700 5,000 Total $13,700 $12,700 Bicycle accessories: Training wheels $ 485 $ 525 Headlamps 312 400 Protective helmets 700 600 Gloves 245 212 Kneepads 195 145 Total $ 1,937 $ 1,882 Total inventory Required: 1) Using the lower of cost or market (LCM) valuation method of the Conservatism Principle, what should the total inventory value in dollar for Sam Bikes Company: a based on item valuation? b) (2 marks) based on group valuation? (2 marks) b) based on overall valuation? (2 marks) 2) Prepare journal entry to write-off the reduction in inventory value to Cost of Goods Sold (COGS), if any, for the year: a) by item (2 marks) b) by group (2 marks) c) by total (2 marks)