Plz solve and explain 1,2 Thanks!

The following information pertains to the physical inventory of Geo Furniture Co. taken at December 31: Product Per unit Units on hand Cost Net realizable value Office furniture Desks 430 $260 $300 Credenzas 290 227 256 Chairs 585 50 45 Bookshelves 320 93 82 Filling cabinets Two-drawer 215 80 70 Four-d rawer 400 135 122 Lateral 1 78 105 120 Office equipment Fax machines 415 170 200 Copiers 545 320 300 Typewriters 355 125 1 17 Required 1. Calculate the lower of cost and net realizable value (LCNRV) for the : a. Inventory for major category b. Inventory, applied separately to each product 2. Prepare the appropriate entry, if any, for (a), (b)