The Ace Company began operations in 2015. The company carries five different types of inventory which are listed below along with other data. The company values its inventory at the lower of cost or market (LCM). At December 31, 2015, the company has exactly one unit of each item in ending inventory. Complete the following information using the lower of cost or market method for individual inventory items. Compute the inventory loss, if any, the company should show in 2015 using the LCM method applied on an individual items basis. Prepare the adjusting entry, if any, required as of December 31, 2015 assuming, such entries are made directly to the inventory account