PepsiCo Inc. uses LIFO for its inventory and maintains inventory by product line. In December, due to a backlash against red food coloring in soft drinks, PepsiCo must evaluate its Mountain Dew Code Red and Live Wire 2-liter sized bottles under the lower of cost or market rule for 2022. The cost and other information for the 2 products as of 12/31/2022 is: Should PepsiCo record a lower of cost or market adjustment for either product? If so, how much (per 2-liter bottle) and for which product? If not, show why not. Doxology Inc. sells music books to churches in the U.S. It uses the FIFO cost flow method for its inventory and has 2 different books it sells to customers: the basic and deluxe. Data about each book as of 12/31/2022 are: Under the lower of cost or NRV method, how much of a loss on inventory, if any, will Doxology record on 12/31/2022 if the company applies the LCNRV rule: (a) to each product individually? (b) to its entire inventory? Show your work for each