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. Cost NRV Per Unit Product Quantity Total for product Per Unit Total for product LCNRV applied to Items Group Blue Scented Candles.... 23 8.15 9.10 Blue Votive Candles 15 9.65 9.75 Red Unscented Candles 23 8.05 7.15 Red Votive Candles..... 24 Purple Votive Candles.... Totals.... 24 9.70 9.05 9.25 9.60 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 is required. Date General Journal Account/Explanation Page GJ8 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 (15/Jan). Leave the entry blank if no adjusting entry is required. Product Quantity Items product Group product Blue Scented Candles..... 23 8.15 9.10 Blue Votive Candles..... 15 9.65 9.75 Red Unscented Candles 23 8.05 7.15 Red Votive Candles 24 9.70 9.25 Purple Votive Candles... Totals 24 9.05 9.60 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 is required. Date General Journal Account/Explanation Page GJ8 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 (15/Jan). Leave the entry blank if no adjusting entry is required. Date General Journal Account/Explanation Page GJ8 F Debit Credit