Doxology Inc. sells music books to churches in the U.S. It uses the FIFO cost flow method for its inventory and has 2 different books it sells to customers: the basic and deluxe. Data about each book as of 12/31/2022 are: Product Basic Deluxe FIFO cost per book $20 $30 Sales price per book $28 $40 Selling & delivery cost per book $7 $12 Books in inventory 5,000 2,000 Under the lower of cost or NRV method, how much of a loss on inventory, if any, will Doxology record on 12/31/2022 if the company applies the LCNRV rule: (a) to each product individually? (b) to its entire inventory? Show your work for each question.