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Question 3 Sandhill Company has provided you with the following information regarding its inventory of copper for September and October. Sandhill uses a perpetual inventory system. September October 30 31 Copper inventory (in tonnes) ,50 2,000 Cost per tonne $555 $630 NRV per tonne $590 $520 Calculate the cost, the net realizable value, and the amount to be reported on the balance sheet for Sandhill's inventory at (1) September 30 and (2) October 31. Tonnes Total Cost Total NRV LCNRV (1) Sept. 30 2,500 (2) Oct. 31 2,000 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare any journal entries required to record the LCNRV of the copper inventory at (1) September 30 and (2) October 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit (1) Sept. 30 (2) Oct. 31 SHOW LIST OF ACCOUNTS LINK TO TEXT Assume that during the month of November the company did not purchase or sell any copper inventory and that the NRV per tonne was $535 on November 30. Is an adjusting entry required at November 30? If so, prepare the adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 30 SHOW LIST OF ACCOUNTS LINK TO TEXT