i need answer for Q3

The records of Loren Movers Ltd. contained the following inventory data: 20x1 Cost NAV 20x2 NRV Cost Category 1 Item A Item B Item C $ 16,800 $ 14,600 55,400 50,000 28,200 37.500 $100,400 $102,100 $12,200 $ 8,380 12,400 9,760 62, 600 70.000 87,200 $88,140 Category 2 Item D Item Item 1 $ 18,900 $ 16,600 $12,500 $10,240 28,600 9.900 5.000 1,800 51,800 51.800 73,200 69,560 $ 99,300 $ 78,300 591,700 $81,600 Required: 1. Calculate two different amounts that could justifiably be recorded as the allowance to reduce Inventory to lower-of-cost-or-NRV at the end of 20X1. Answer is complete and correct. 5 28,600 Individual icams Category b 21,000 2. Record the 20x1 lower-of-cost-or-NRV adjustments (if any) for each of the two amounts from requirement 1, using the valuation allowance method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction Answer is complete and correct. General Journal Holding loss on inventory (COS) Allowance to reduce inventory to NRV Credit 1 a. Dobit 28,600 28,600 2 b. Holding loss on inventory (COS) Allowance to reduce inventory to NRV 21.000 21,000 3. Record the 20x2 lower-of-cost-or-NRV adjustments (if any) under each of the two lower of cost or NRV methods, using the valuation allowance method, (if no entry is required for a transaction/event, select "No journal entry required in the first account field.) No Transaction Credit Answer is complete but not entirely correct. General Journal Allowance to reduce inventory to LCNRV Holding loss on inventory Debit 12,040 1 12,040 2 b 10,900 Allowance to reducn inventory to LCNRV Holding loss on inventory 10,900