3. With their June 30, 2021 year-end fast approaching, Caronport Carpentry Shop 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: Dolls Bean Bags Product Garbage Bags Water Bottles Toys Toys Group Supplies Supplies # of Units 6 $ 34 $ 13 $ 29 $ Cost Net Realizable value 95 $ 101 $ 146 $ 97 $ 146 97 108 93 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 group 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 individual values instead of group values, what would be the new LCNRV? (5 marks)

3. With their June 30, 2021 year-end fast approaching, Caronport Carpentry Shop 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: 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 group 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 individual values instead of group values, what would be the new LCNRV