ExcelPse Bhd is a company that manufactures and distributes electrical home appliances across Malaysia and exports to over 20 countries worldwide. The company offers products that include a variety of general fans and small kitchen appliances, then it has a variety of inventories. ExcelPis follows the practice of valuing inventory at the Lower of Cost or Net Realizable Value (LCNRV). The following information is available from the company's inventory records as of 31 December 2020. Item Vacuum Cleaner Multi Cooker Wall Fan Electric Oven Air Fryer Quantity Cost per Unit Estimated Completion and (RM) selling Pricel Selling Cost Unit (RM) Unit 300 215.00 201.90 4.60 550 108.00 196.90 8.80 800 98.00 80.80 11.60 230 210.00 156.70 5.70 420 232.00 293.50 3.50 REQUIRED: (a) Calculate the LCNRV using the "individual-item approach. (5 Marks) (b) Prepare the journal entries as at 31 December 2020 assuming that a loss method and the Allowance to Reduce Inventory to NRV Account is used to record the write down of the inventory. (3 Marks) (c) Assume that as at 31 December 2020, the account of Allowance to Reduce Inventory to NRV had a credit balance of RM14,500. Determine the amount of the gain or loss that would be recorded due to the change in the Allowance to Reduce Inventory to NRV Account as in (b). Show the related journal entries. (2 Marks)