**********help me out with this Lower of Cost & Net Realizable Value question **************

Mix seller corp is selling two categories of products, dishes (large bowls and small bowls) and food (canned and fresh) their year-end of May 30, 2020 is coming up, and they wish to determine the balance sheet valuation of their inventory On the perpetual basis).

Products

Large Bowls

Small Bowls

Canned

Fresh

Category

Dishes

Dishes

Food

Food

# of Units

29

30

6

11

Cost

$53

$93

$46

$92

NRV

$ 88

$ 49

$53

$151

a) Calculate the Lower of Cost and Net Realizable Value for each product. Calculate the inventory value that should be reported on May 30, 2020 based upon total inventory values

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

c) What would be proper inventory value if the calculations were based upon category values instead