The Luke Wynne Company provided you with the following information regarding its inventory: Net Net realizable Replacementrealizable value less cost value normal profit Item Cost Gloves $ 25 $ 27 $ 30 $ 23 $225 $180 $210 $190 Sport Cameras Binoculars $ 40 $ 60 $ 56 $ 50 What is the lower-of-cost-or-market adjustment necessary if it is applied on an item- by-item basis? No adjustment Debit Cost of Goods Sold $27 Debit Cost of Goods Sold $37 Debit Cost of Goods Sold $23 Pro