Field Company uses the perpetual inventory system and its inventory consists of four products as at August 31, 2019. Selected information is provided below.

Required

a) Calculate the inventory value that should be reported on August 31, 2019, using the LCNRV applied on an individual item basis.

Question 7 Take me to the text Incorrect Marked out of 11.00 Field Company uses the perpetual inventory system and its inventory consists of four products as at August 31, 2019. Selected information is provided below. Required P Flag question a) Calculate the inventory value that should be reported on August 31, 2019, using the LCNRV applied on an individual item basis. Do not enter dollar signs or commas in the input boxes. Product Number of Units Cost (per unit) NRV (per unit) LCNRV (Individual) 1 20 $100 $102 $ 102 N 15 $87 $73 $ 3 20 $76 $45 $ 4 20 $108 $174 $ Inventory Value Total $ $ LCNRV Inventory Value =$ b) Using the results from part a), prepare the journal entry to adjust inventory to LCNRV. Debit Credit Date Account Title and Explanation 2019 Aug 31 Adjust inventory to LCNRV Check Contact us! Note: The "check" button does not submit your attempt.To submit Lie Leip, yu