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Take me to the text Outdoor Company uses the perpetual inventory system and its inventory consists of four products as at January 31, 2019. Selected information is provided below. Required a) Calculate the inventory value that should be reported on January 31, 2019, using the LCNRV applied on an individual item basis. Do not enter dollar signs or commas in the input boxes. Product Number of Units Cost (per unit) NRV (per unit) LCNRV (Individual) $110$ 1 5 $91 2 35 $94 $66 $ w 15 $75 $47 $ 4 25 $102 $172 $ $ Inventory Value Total $ 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 2019 Jan 31 Adjust inventory to LCNRV Check Note: The "check" button does not submit your attempt to submit the attempt, go to the end of the quiz and click the "submit all and finish button. ype here to search