Questions 5: During January, the following changes in inventory item for a footwear company took place: Perpetual inventory system is maintained. Inventory valuation method is Average cost. Instructions a. Compute the COGS and inventory at the end of January. b. At the end of January, the selling price of the inventory item fell to $65 per unit. The company incurred selling expenses being 15% of the selling price. At what amount should the inventory be presented in the statement of financial position if the company applies the Lower-of-cost-or-Net-realizable-value rule