Problem 2 The Bertolo Corporation has eight items in inventory at December 31,204. Cost data on each item of inventory is as follows: Required a) Calculate the cost of the inventory that would appear on the balance sheet as at December 31,204. If a write-down of inventory is required, write the journal entry. b) At December 31,205, Bertolo had $45,000 of item B203 on hand that was on hand at December 31,204. The selling price and cost to sell of this inventory is $62,000 and $8,000 respectively. Write the journal entry at December 31,205