Part 2: Compute the Inventory value (Due at the end of unit 2) Best Value Hardware had the following inventory on hand at 12/31/16. BVH uses the LIFO method for measuring inventory Units LIFOSCost FIFO $Cost NRV Item Light bulbs 177,000 $115,050 $125,050 $150,450 275,000 $325,000 Paint brushes 150,000 $375,000 $395,000 $337,500 Live plants 175,000 S603,750 $633,750 $568,750 Holiday items 200,000 $550,000 $575,000 $600,000 Hammers $1,893,800 $2,003,800 $1,981,700 Requirements in the provided Excel Template on the Inventory Worksheet Tab: 1. Compute the value of the inventory using LIFO and GAAP 2. Create the required journal entries regarding the value of the inventory 3. Compute the value of the inventory using FlFO and IFRS 4. Discuss why the valuation and journal entries are different if computed under lFRS