RAC Corp sells refrigerators and dishwashers. Information related to the inventory of RAC Corp is provided below.

RAC Corp sells refrigerators and dishwashers. Information related to the inventory of RAC Corp is provided below. Cost Replacement Cost Net Realizable Value Net Realizable Value Less a Normal Profit Margin Refrigerator Models Elite 80,000 70,000 80,000 60,000 Standard 100,000 110,000 100,000 70,000 Economy 90,000 75,000 90,000 80,000 Dishwasher Models Pro 150,000 140,000 170,000 155,000 Residential 95,000 85,000 92,000 80,000 1. Calculate the final inventory value for RAC Corp based on individual inventory items (5 points): 2. Record the journal entry to write-down inventory assuming the allowance method is used