S a Question 4 Not yet answered Marked out of 16.00 PART C/2 REQUIRED HANDWRITTEN CALCULATIONS ARE 16 POINTS Flo question USOpen Company applied FIFO to its inventory and got the following results for its ending inventory Tennis shoes 110 units at a cost per unit of 568 Running shoes 150 units at a cost per unit of $74 Basketball shoes 135 units at a cost per unit of $81 The net realizable value per unit at year-end was tennis shoes 570. running shoes $75. and basketball shoes $78. Required: a) Determine the amount of ending inventory in the B/S, which reflects the prudence concept. (Sp) b) Explain how the prudence concept is related to the lower-of-cost-or-net realizable value rule. (Sp)