1. Assume the accounting department at Swatch, the Swiss watch company, prepared the following schedule comparing the total cost and NRV of its December 31, 2023, ending inventory: ( 5 marks) a. Calculate the merchandise inventory value that should appear on Swatch's December 31, 2023, balance sheet. Apply LCNRYV to each product and to inventory as a group by completing the schedule provided. b. Based on your calculations in part (a), prepare the appropriate adjusting entry at year-end assuming LCNRYV is applied to inventory as a group