QUESTION TWO Presented below is data relative to Election petition company Itd at the end of the year 31st January, 2021. Inventory item Number of units in Original cost per unit Unit selling price inventory GH GHE 16000 12.0 25.0 B 18000 15.0 24.0 20000 10.0 21.0 18500 15,0 28.0 15000 D E 14.0 26.0 Inventory items A, C and E have become obsolete as a result of new discoveries. An Auctioneer has agreed to find buyers for stock A, C, E for a 10% commission on the net sales values. It is estimated that inventory items A and E will have to be sold at 50% of the cost price whilst inventory item C will be sold at 75% of the selling price. Other incidental expenses (such as carriage, packaging etc) is estimated at GH2 per unit for all categories of inventotry. You are required to determine the value of stock to be included in the statement of financial position as at 31 December 2021. State the basis of valuation of the inventory items. Show all calculations