3. With their January 31, 2022 year-end fast approaching, Yorkton Supply Company would like to figure out the value of their Merchandise Inventory account (presuming a perpetual inventory sysem). They sell four products, sorted into two groups, as listed below: Product Group # of Units Cost Net Realizable value Canned Food 19 $ 65 $ 88 Fresh Food 18 $ 54 $ 46 Garbage Bags Water Bottles Supplies Supplies 8 $ 88 $ 77 3 $ 46 $ 45 REQUIRED: a) What would be the appropriate value for Inventory on their financial statements, taking into account the Lower of Cost and Net Realizable Value for the inventory value (LCNRV) assuming individual values? (5 marks) b) Prepare the journal entry to adjust inventory to LCNRV, based upon your answer from Part a). (1 mark) c) If the calculations were based upon group values instead of individual values, what would be the new LCNRV? (5 marks)