Coats Ltd. sells two types of lab coats with the year-end inventory data on the number of units, unit cost, and unit net realizable value (NRV) as follows: Due to a change in the fashion trend, full length coats are no longer in demand. Required: 1. Compute the total value of the inventory using the lower of cost and net realizable value. ( 3 marks) 2. Provide an adjusting journal entry to write down the inventory to the lower of cost and net realizable value if the ending inventory is at $240 (cost) in the general ledger. ( 2 marks) Required 1 - Compute the lower of cost and net realizable value (NRV) value of the inventory Required 2 - Prepare an adjusting entry to write-down the inventory value in the general ledger