The December 31, 2020 inventory of Automan Company consisted of four products, for which certain information is provided below: Normal Profit on Sales Product Quantity Original cost Replacement Cost Estimated disposal cost Expected Selling Price A 1000 23.50 22.00 6.50 40.00 20% B 500 41.00 40.00 10.00 48.00 25% 1500 120.00 115.00 25.00 190.00 30% D 300 19.00 15.80 4.00 26.00 10% Instructions: a. Using the LCM approach applied on an individual item basis, compute the inventory valuation that should be reported for each product on December 31, 2020 b. Record any necessary journal entries