Below is a statement of inventory for a candle shop, given on May 31. ccid=11210 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 Quantity Per Unit Total for Per Unit Total for product Items product Group Blue Scented Candles 29 9.30 9.50 Red Votive Candles 28 7.75 8.20 Red Unscented Candles 23 8.30 7.40 Green Votive Candles 24 7 6.35 Purple Scented Candles 24 9.35 10.15 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 F Debit Credit 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