A physical inventory of Audio Company taken at 31 December, 2020 reveals the following: Item Units Cost per unit (RM) NRV per unit (RM) 335 250 316 194 90 111 86 52 98 100 95 41 Audio equipment: Receivers CD players MP3 players Speakers Video equipment: Handheld LCDs VCRs Camcorders Car audio equipment: Satellite equipment CD/MP3 radios 470 281 202 150 93 310 125 84 322 175 160 70 97 84 105 Required: a) Calculate the lower of cost and net realizable value for the inventory applied separately to each item. b) If the NRV amount is less than the recorded cost of inventory, then record the lower of cost and NRV adjustment to the merchandise inventory account