(40 points) Inventory valuation - LCNRV Augusta Company uses the LCNRV method to evaluate inventory for financial reporting purposes. Inventory information per unit, at December 31, 2020 appears below. Item X Item Y Item z Quantity 2 units 4 units 3 units Estimated Selling Price $20 $40 $60 Cost 15 30 45 Cost to complete 5 o 18 Selling costs for Augusta Company are equal to 5% of the selling price. Required: a) Determine the correct value of inventory to be reported on the Financial Position Statement applying LCNRV for each item individually. (30 points) Answer Item X Item Y Item z Total LCNRV $ b) Prepare the necessary journal entry if needed using the COGS method. (10 points) DATE ACCOUNT TITLES DEBIT CRED $ S Show your calculations in the space below! Give your reasons 1 i. B iii