& Dunton Uys Leaming - Fox Bytys.com/tudent-servlet/LabServed 11.27 Question 1 [15 points] Below is a statement of inventory for a candle shop, given on May 31 a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group Cost MARV Product Per Unit Quantity Total for Per Unit product Total for product Items LGNRV applied to Group Red Unscented Candles 27 7.05 7.20 Red Votive Candies 28 8.30 9.06 Red Sand Candles 19 6.10 5.30 Blue Unscented Candles 24 5.30 5.10 Blue Sand Candles 20 6.40 6.80 Totals b) Prepare any required adjusting entry assuming LCNRV is applied to each item Datos must be entered in the format dd/mmm (15/Jan) Leave the entry blank if no adjusting entry is required. General Journal Date Account Explanation F Dobil Page GJB 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 GJB Date Account/Explanation Official Time: 20.35:43 Debt Crede SUBMIT AND MARK SAVE AND