Below is a statement of inventory for a candle shop, given on May 31 a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group Cost NRV LCNRV applied to Product Per Unit Total for Quantity Per Unit Total for product Items Group product Purple Votive Candles 25 8.25 7.45 Blue Unscented Candles 10 8.25 8.60 Blue Sand Candles 18 8.90 9.40 Red Sand Candles 20 9.10 9.45 Purple Scented Candles 10 6.35 7 Totals b) Prepare any required adjusting entry assuming LCNRV is applied to each item Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required General Journal Page GJS Date Account/Explanation Debit Credit F c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required General Journal Page GJS Date Account/Explanation F Debit Credit