On a separate piece of paper calculate the LCNRV using the information provided below. Use your answers to match the correct answer to the questions below. Inventory Items No. of Units Cost/Unit NRV/Unit Rackets Tennis Badminton Racket ball 270 $45 $55 15 $40 $60 10 $40 $34 4 4 A 4 What is the total cost of the rackets as a group? Choose... What is the total NRV of the rackets as a group? Choose... What is the LCNRV for the inventory if Choose... applied separately to each item? What amount is needed to adjust the current inventory balance to LCNRV if applied on an item by item basis? Choose... What account is debited when adjusting for LCRNV? Choose... mpt.php?attempt-61315&cmid=34112 H-E V VitalSource: Sign In Letter of Enrollmen.... Inventory Items No. of Units Cost/Unit NRV/Unit Rackets Tennis Badminton Racket ball 250 $45 $55 15 $40 $60 10 $40 $34 What is the total cost of the rackets as a group? What is the total NRV of the rackets as a group? What is the LCNRV for the inventory if applied separately to each item? What amount is needed to adjust the current inventory balance to LCNRV if applied on an item by item basis? What account is debited when adjusting for LCRNV? Choose... Choose... $2,040 $500 $1,900 Purchases $0 No entry is needed $440 Inventory $60 COGS $1,840 $2,340 of Match the correct journal entry to the transaction described. Note ABC Company uses a periodic inventory system. O Et 99- O DELL