points) CJC Clothing Jerusalem Company has four inventory items on hand at the end of 2021. The end unit costs (determined by applying the average-cost method), current unit selling prices estimated disposal (selling) costs for each of the items are presented below. The gross profi for each of the products is 20% of the selling price. Required: a) Using the below table to fill-in the ceiling and floor information for each item. (4 poi Item Cost Selling Price Estimated Ceiling Replacement Floo Disposal Cost Costs Men's Short $50,000 $100,000 $15,000 $55,000 Sleeves Shirt Men's Long 100,000 120,000 20,000 90,000 Sleeves Shirt Women's 80,000 85,000 20,000 70,000 Short Sleeves Shirt Women's Long Sleeves Shirt 90,000 105,000 15,000 b) Using the lower-of-cost-or-market approach applied on an individual-item/major categories/total inventory basis, compute the inventory valuation that should be prese on the balance sheet at year end for each product on December 31, 2021. (12 points) Lower-of-Cost-or Market by: 60,000 Shirts Cost Designated Market Value Individual Items Men's Short $50,000 Sleeves Shirt Men's Long 100,000 Sleeves Shirt Total Men's 150,000 Shirts Women's Short 80,000 Sleeves Shirt Women's Long 90,000 Sleeves Shirt Total Women's Shirts 170,000 Total Shirts $320.000 Major Categories T Inve