Question 1 (Chapter 9) The December 31, 2017 inventory of Gwyneth Company consisted of four products, for which certain information is provided below Units to Complete Cost to Sell Available 520 350 120 250 ProductOriginal Expected Estimated CostEstimated Cost Selling Price $25 $42 $40 $58 $150 $26 $6 $12 $25 $3 $8 $15 $120 $18 Instructions: (1) Using the lower-of-cost-or-net realizable value approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2017. (2) Compute the total allowance needed to adjust inventory to net realizable value. (3) The account Allowance to Adjust inventory to Net Realizable Value has a credit balance of $2,400. Record the required journal entry to adjust the allowance account using a. The cost of goods sold method b. The loss method ind