The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information P P Selling price as at December 31 , 22 2021 Selling price as at December 31, 14 2021 ABC employs the weighted-average cost method. Sales commissions and transportation costs average 10% of selling price. Required: Determine the amount of ending inventory and prepare the year-end adjusting entry to write-down inventory (if necessary), assuming that ABC applies the lower of cost to net realizable method to the following: - Individual item - Major categories - Total inventory Additional information: no inventory write-down has been recognized in previous reporting periods