Exercise 6-10 Lower of cost and net realizable value LO4 Showtime Company's ending inventory at December 31, 2023, includes the following items: Product Units on Hand Unit Cost BB 37 $ 110 FM 20 145 MB 51 186 SL 55 78 Net Realizable Value Per Unit $115 138 172 92 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory b. Applied separately to each product. b. Applied separately to each product Product Total Cost Total NRV BB FM MB LCNRV applied to Each Product SL $ 0 $ $ 0 c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View transaction list Journal entry worksheet Prev 3 of 5 Next c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View transaction list Journal entry worksheet < 1 Record the entry to write down inventory to NRV. Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit