1 2 6 8 Question 5: Inventory Analysis (10 marks) Make sure you scroll down to the bottom of each worksheet until you see "End of Question This will ensure you've answered all parts! Mountain Clothing sells the following four products. Calculate the ending inventory balance that should appear on Mountain Clothing's December 31 balance sheet if Mountain Clothing applies the lower of cost or net realizable value (LCNRV) to each product. LCNRV applied to: The countdown into 5 Total Cost Total NRV Products Moodle browse tab, Backpacks $ 33,367 30,125 mindful of the time you Hiking boots S 40,823 $ 46,661 automatically be bekare Sleeping bags $ 21,9635 23,995 in the exam for 120 in Tents $ 33,347 S 31,578 Savet, so don't worry 10 129,500 182,359 11 12 Required: Assuming the company applies LCNRV, create the adjusting journal entry 13 Account Debit Credit If you have technical is 14 you must contact IT SL 15 780-471-8624. You sho 16 computer and going b is what the second at 17 After preparing the adjusting journal entry, Mountain Clothing prepares a condensed income statement. successfully complete 18 back into the exam 19 + Mountain Clothing 20 Sales revenue 3,081,772 Please message me in 1 Less: Cost of goods sold 1,440,352 2 Gross profit are having issues, Al- 1,641,420 a comment in excelt Less: selling and administration costs 1,009,496 via email. Net Income 631,924 25 26 Required: Calculate the gross margin, inventory tumover, days in inventory and common size 27 percentage for Selling and administration costs. me about your list 28 Gross Profit Margin Percentage can be donel 29 Inventory Turnover" 30 Dyas in inventory 31 Average inventory for the past two year ends was $ 233,900 32 33 The common-size percentage for Mountain Clothing's selling and administration costs is: 34 Selling and administration costs 35 The industry average is 4.0 for the inventory turnover and 91 days to sell inventory. What conclusions concerning the management of Mountain 36 Clothing's inventory can be drawn