Inventory Valuation (10 Marks) Rosie's Toy Store reported the following cost and net realizable value information for its to inventory at March 31, 2021: Net Realizable Value (NRV Inventory Valuation (LONEM Inventory Historical cost Workspace Dolls Show your work in this workspace S Sally Smiles 24.000 25,000$ 19.000 S Barbie's Besties 24,000 $ Ken's Cousin 27.0005 10,000 Puzzles: S Small 50-piece puzzle 10,000 5,000 S 12.00015 12.000 Large 100-plece puzzle Trucks: 5 Fire Truck with Sound 32.000 28.000 5 27,000 30,000 Police Paddy Wagon Total 132,000 $ 136,000 a) Apply the lower of cost and net realizable value rule on an individual item basis to calculate the ending inventory balance that should be reported on the March 31, 2021 Balance Sheet (Note: Use the workspace in the third column above.) 4 Marks is a journal entry needed at March 31, 2021 to adjust the value of inventory if items are analyzed on an individual basis? Why or why not? 3 Marks b Prepare the adjusting journal entry needed at March 31, 2021 (if any) c) Account Debit Credit 3. Marks