Question 20 20 Ally Company began the operation in 2018. Information about the ending inventories of the Company is shown below assuming the inventores measured using UFON: Estimated Current Selling Normal Replacement Cost of Year Profit Cost Price Cost disposal Margin 2018 $50,000 $57.500 $60,000 $5,000 $5,500 2019 75.000 65.000 70.000 7.500 6,250 2020 100,000 93.000 120,000 11.000 14,500 Required (20 points): Determine the value of the inventory for each year using the lower of cost or market rule. Assuming a perpetual inventory system, prepare journal entries for 2019 and 2020 to record the reduction of the inventory to market va is the loss allowance method. suming a perpetual inventory system, prepare journal entries for 2019 and 2020 to record the reduction of the inventory to market the cost of goods sold-inventory method Format Table Paragraph BI U Ave V 2