Management has provided you the inventory listing in excel. Column C shows the historical cost, and column E is the last selling price of the product which management asserts is the net realizable value of the product. Compare column C and column Eto determine which products that have a lower NRV then cost. This can easily be accomplished by using the min function in excel. Required: 1. Perform a lower of cost or net realizable value analysis on a product by product basis (blue cells to the right of inventory listing in columns G and H). Please see additional requirements below the inventory listing. Total Inventory Cost @ LCNRV LCNRV 1621 841 4551 PRODUCT: QTY_ON_HAND 337181 432 120201 2811 379691 4401 57359 2851 221631 1931 25856 3841 58548) 224) 91174) 75520 85464 60 68398 394 65600 4601 31390 445 90295 76 11710 328 124281 282 604191 327 534331 4441 744831 337611 2341 378161 2091 43515 1181 55308 452) 75777 3761 228161 29 11719 3491 129481 418 69524) 2231 66518 4201 66154 176 806741 335 52425 4831 272361 79648 1531 14479 62 58314 3461 104711 249271 382 586511 1001 45422 477 85395 141 194401 114 428531 3201 361221 166 255951 358) 75534 173081 339 980511 3321 65379 243 67167 4731 67129 105) 60794 115 UNIT_COST 29.76 65.65 66.70 78.17 8.81 83.98 46.79 13.11 25.48 11.09 42.71 181.62 73.58 57.56 93.89 14.44 52.21 10.10 63.41 41.54 47.17 108.68 35.96 32.11 104.64 89.87 84 11 103.34 71.34 63.04 55.96 53.70 102.78 22.45 41.88 100.20 85.72 53.59 81.75 97.67 27.49 175.16 76.52 23.39 26.25 20.51 7134 44.24 49.31 33 17 14.17 72.24 Net Realizable value DATE_LAST_SA UNIT_SELLING_PR LE CE_LAST_SALE Historical Cost 2019-07-05 45.54 12,856.31 2019-12-21 201.19 18,448.10 2019-11-05 57.30 29,349.12 2019-10-25 59.26 22,278.41 2019-11-03 22.76 1,700.24 2019-10-24 177.27 32,248.96 2019-07-21 137.47 10,479.85 2019-09-12 35.64 | 2,123.32 2019-08-02 45.30 2,140.52 2019-07-06 27.26 665.22 2019-10-10 122.55 16,826.02 2019-09-22) 631.74 83,545.52 2019-09-01 172.41 32,742.58 2019-07-22 131.90 4,374.54 2019-11-011 79.11 30,794.51 2019-12-02 7.92 4,072.71 2019-11-10 181.42 17,072.21 2019-11-03 26.65 4,482.26 2019-12-21 73.13 28,851.23 | 2019-07-14 101.34 9,721.31 2019-09-16 130.13 9,859.06 2019-10-16 277.311 12,824.39 2019-10-14 40.95 16,254.79 2019-12-201 48.99 12,073.60 2019-12-02 190.06 3,034.44 2019-11-24 275.21 31,363.60 2019-07-09 228.12 35,159.29 2019-11-30 147.15 23,045.86 2019-11-28 80.33 29,961.72 | 2019-10-20 113.66 11,095.59 2019-11-28 182 17 18,746.46 2019-08-08 33.35 25,937.55 2019-12-15 272.41 45,325.19 2019-11-28 59.16 3,435.22 2019-10-14) 103 40 2,596.39 2019-08-11 115.05 34,669.78 2019-09-04 220.61 1,800.20 2019-08-25 33 16 20,469.72 2019-11-24 128.77 8,174.96 2019-11-27 334.23 46,590.50 2019-10-06 36.46 3,875.48 2019-11-05 286.95 19,968.69 2019-07-07 154.44 24,485.36 2019-11-11) 64.93 3,882.88 2019-12-03 59.49 9,396.08 2019-09-27 39.81 861.55 2019-09-26 177.05 24,185.61 2019-08-29 123.73 14,689.16 2019-10-13 63.09 11,98165 2019-10-31 43.84 | 15,687.28 2019-12-05 25.95 1,487.53 2019-08-27 114.83 8,307.55 Statement of financial position 896,000.07 4411 21 42 2. Prepare one adjusting journal entry on December 31 to adjust inventory to the lover of cost or net realizable value. Date Account Titles Debit Credit 3. What impact does the adjusting journal entry prepared in #2 have on the gross margin and inventory turnover (increase, decrease, or no effect)? Impact on gross margin Impact on inventory turnover