Problem 3 (20 points) Penn Company is preparing the annual financial statements dated December 31, current year. Ening invenotry information about the three major items stocked for regular sales follows: Ending Inventory, Current Year Item Quantity on Hand Unit Cost When Net Realizable Value Acquired (FIFO) (Market) at Year-End A 30 24 20 B 50 38 40 C 35 40 35 Compute the valution that should be used for the current year ending inventory using the LCM rule applied on an item-by-item basis. Prepare an adjusting entry for LCM valuation.