The December 31, 2017 inventory of Portal Company consisted of four products, for which certair information is provided below Replacement Estimated Expected Normal Profit Product Original Cost Disposal Cost Selling Price on Sales $24.00 $2200 $6.50 $10.00 $25.00 $4.00 $40.00 $48.00 $190.00 $26.00 $42.00 $120.00 20%, 25% $115.00 $15 80 $19.00 10% Instructions 1. Complete the following chart Lower-of Cost-or NRV Designated loor Market Cost Produc Market LCNRV 2. There are 1000 units of each item. The company uses an allowance account a. Assuming the company uses LCM, prepare the necessary journal entries to adjust inventory using the COGS method and the LOSS method b. Prepare the entries to adjust inventory assuming the company uses LCNRV