Information about Bravo Company's inventory is provided below. The company uses the perpetual inventory system and has four products as at February 28, 2021. Answer the following questions. Required a) Calculate the LCNRV for each product. Calculate the inventory value that should be reported on February 28, 2021, using the LCNRV applied on an individual item basis. The cost and NRV of each type of product is listed below. Do not enter dollar signs or commas in the input boxes Product Number of Units NRV LCNRV (Individual) Cost YYY 35 589 $1138 Pam TO 581 $625 Devon 20 $66 $435 Lower 5 S115 $180$ Inventory Value Total $ 5 LCNRV Inventory Value $ LCNRV Inventory Value =$ b) Using the results from part a), prepare the journal entry to adjust inventory to LCNRV. Date Account Title and Explanation Debit Credit 2021 Feb 28 . 4 . Adjust inventory to LCNRV 81 $62 $ 66 $43 $ 15 $180 $ Accounts Payable Pam Accounts Receivable Cash Devon Cost of Goods Manufactured Cost of Goods Sold Lower Depreciation Expense Equipment Inventor Income Summary Insurance Expense Merchandise Inventory LCNRV In Office Supplies Expense Purchases b) Using Rent Expense Salaries Expense Date Sales Revenue 2021 Utility Expense Feb 28 $ journal entry to adjust inventory to LCNRV. Debit Credit 1 . Adjust inventory to LCNRV