The December 31, 2011 inventory of Moonlight Company consisted of four products, for which certain information is provided below. Product Orginal Cost Replacement Cost Estimated Disposal Expected Profit Cost Selling Price On Sales Product Org. Cost ReplacementCost Estimated Disposal Profit Cost Exp. Selling Price On Sales A 26.00 22.00 6.50 37.50 20% B 42.00 35.00 12.00 48.00 25% C 120.00 115.00 25.00 160.00 30% D 16.00 15.80 3.00 22.00 10% Instructions Using the lower-of-cost-or-market approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2011. When you undertook the preparation of the financial statements for Twilight Company at January 31, 2012, the following data were available: At Cost At Retail Inventory, February 1, 2011 $72,800 $ 98,500 Markdowns 35,000 Markups 63,000 Markdown cancellations 20,000 Markup cancellations 20,000 Purchases 225,500 301,000 Sales 325,000 Purchases returns 4,300 5,500 Sales returns 10,000 Instructions Compute the ending inventory at cost as of January 31, 2012, using the retail method which approximates lower of cost or market. Your solution should be in good form with amounts clearly labeled