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: Description Units Unit Cost Unit NRV Full length coats 10 $10 $2 Half length coats 20 $7 $20 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) 7 A- B 1 3 Required 1 - Compute the lower of cost and net realizable value (NRV) value of the inventory Description Units Unit Cost Unit Lower of Total Unit NRV Cost and Inventory NRV Value 10 $10 $2 Full length coats Half length coats 20 $7 $20 Total Required 2 - Prepare an adjusting entry to write down the inventory value in the general ledger Account Debit Credit S