Garden Company uses the perpetual inventory system and its inventory consists of four products as at April 30, 2019. Selected information is provided below.

Required

a) Calculate the LCNRV for each product. Calculate the inventory value that should be reported on April 30, 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	NRV	LCNRV (Individual)
1	25	$99	$115	$Answer
2	15	$81	$68	$Answer
3	45	$77	$48	$Answer
4	35	$101	$164	$Answer
Inventory Value Total		$Answer	$Answer

LCNRV Inventory Value =$Answer

b) Using the results from part a), prepare the journal entry to adjust inventory to LCNRV.

For the transaction, enter the Debit account first.

Date	Account Title and Explanation	Debit	Credit
2019
Apr 30	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldEquipmentMerchandise InventoryRent ExpenseSales Revenue	Answer	Answer
	AnswerAccounts PayableAccounts ReceivableCashCost of Goods SoldEquipmentMerchandise InventoryRent ExpenseSales Revenue	Answer	Answer
	Adjust inventory to LCNRV