1 [15 points] Below is a statement of inventory for a candle shop, given on July 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Product Red Sand Candles Blue Sand Candles Purple Unscented Candles Purple Scented Candles, Blue Votive Candles Totals Cost NRV Per Unit Quantity Total for Per Unit product Total for LCNRV applied to Items Group product 22222 25 7.55 8.05 25 9 9.75 13 9.60 8.75 12 28 5.75 8.10 5.35 9.05 b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry Date General Journal Account/Explanation Page GJB F Debit Credit b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan Date General Journal Account/Explanation Page GJB F Debit Credit c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format dd/mmm Date General Journal Account/Explanation F Debit Page GJ8 Credit