Sandels Company was formed on January 1, and is preparing the annual financial statement dated December 31. You are preparing the final closing adjustments. Ending Inventory information about the four major items stocked for regular sale is listed below: Unit cost when Acquired (FIFO) Market Value at Year-End Adjustment Required 5 12 14 Air Flow Bister Buster Coolnite Dudesly Qty on Hand 300 425 200 1,000 55 $ $ $ 38 50 35 30 Part 1: Compute the amount of Lower of Cost or Market Adjustment for Sandals Company. Part 2: Prepare a journal entry to record the adjustmentto ending inventory