(Questions #13#14 Lower ofCost or NRV): The following inventory information was taken from the records of Kleinfeld Inc.: Historical cost Replacement cost Expected selling price Expected selling cost Normal profit margin $12,000 7,000 9,000 500 50% of selling price 13. Under IAS 2, what should the balance sheet report for Inventory? a. $7,000 b. $8,500 c. $7,600 d. $9,000 e None of the Above 13b Required: Journalize the write-down ofinventorv if a write-down is neededl: Debit Credit