Problem 5-21A (Algo) Inventory valuation based on the lower-of-cost-or-market rule LO 5-2 At the end of the year, Randy's Parts Company had the following items in Inventory. a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. Required b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy's Parts c. Determine the amount of ending imventory, assuming that the lower-of-cost-or-market rule is appied to the total inventory in Company uses the perpetual inventory system. d. Provide the generat joumal entry necessary to wite down the inventory based on Requirement C. Assume that Randy's Parts aggregate. Company uses the perpetual inventory system. Complete this question by entering your answers in the tabs below. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each ind ividual inventory item. Provide the general joural entry necessary to write down the inventory based on Requirement a. Assume that Randy's Parts Company uses the perpetual inventory system. (It no entry is required for a transaction/event, select "No journal entry required in the firnt account field.) Journal entry worksheet Hecord entry for inventory loss: Notet dhier debits bafre crethis. At the end of the year, Randy's Parts Company had the following item in inventory. Required a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each individual inventory item. b. Provide the general journal entry necessary to write down the inventory based on Requirement a. Assume that Randy's Parts Company uses the perpetual inventory system. c. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate. d. Provide the general journal entry necessary to write down the inventory based on Requirement c. Assume that Randy's Parts Company uses the perpetual inventory system. Complete this question by entering your answers in the tabs below. Determine the amount of ending inventory, assuming that the lower-of-cost-or-market rule is applied to the total inventory in aggregate. Journal entry worksheet