This question is about inventory valuation, a) Fill in the blanks Instructions: Only use the following phrases (use the exact wording) historical cost market value net realisable value carrying amount residual value face vale AASB 1002 inventory standard requires inventory to be reported at the lower of the of the inventory that is the of the inventory, or the difference between the estimated proceeds of a sale and any further costs to complete, market or sell the product to customers. b) Jasper Ltd, manufactures three products and has 250 units of each in stock at the end of the accounting period. The cost and net realisable value (NRV) of each of the products are as follows: Product Cost NRV AZ 24 21 BY 24 27 CX 15 30 Required: Required: To comply with AASB accounting standards, the inventory reported in the balance sheet should be $ and the inventory write down would be $ (When entering amounts, use numbers only - no spaces, no dollar signs, no full stops, no dots, no decimal separators, no symbols, no special characters, e.g., enter $2,000 as 2000) c) Jill Ltd. operates a periodic inventory system. In December 2020, due to a fire accident, all of its inventory was destroyed. To collect insurance, Jill Ltd. has to estimate the cost of the inventory destroyed. The following information is available: Beginning inventory: $7,000 Net purchases: $33,000 Sales revenue: $60,000 Instructions: (When entering amounts, use numbers only - no spaces, no dollar signs, no full stops, no dots, no decimal separators, no symbols, no special characters, e.g., enten$2,000 as 2000) Required: Using the gross profit method and assuming that the gross profit percentage is 40%, the estimated cost of sales would be $ and the estimated ending inventory would be $