Problem 12-4 and 12-6. with clear explanation and clear formatting. ASAP. Thank you

Problem 12-4 (IAA) White Company carried four items in inventory. The following per-unit data relate to these items at the end of first year of operations: Units Cost Sales price Selling cost Normal profit Category 1: A 25,000 105 130 15 B 20,000 85 20 90 10 10 Category 2: 40,000 50 45 5 30,000 5 65 75 15 10 Required: Calculate the value of the inventory under the following approaches: a. The LCNRV is applied to the individual inventory item b. The LCNRV is applied to the inventory category c. The LONRV is applied to the inventory as a wholeProblem 12-6 (AICPA Adapted) On December 31, 2020, Naysayer Company has outstanding purchase commitments for 10,000 gallons at P200 per gallon of raw material to be used in the manufacturing process. Required: Prepare journal entry under each of the following independent assumptions: a. The market price on December 31, 2020 is P210. b. It is expected that the market price will decline to P170 in early January 2021. c. The market price on December 31, 2020 is P170. d. The market price on December 31, 2020 is P170. On January 31, 2021 when the 10,000 gallon shipment is received, the market price is P150. e. The market price on December 31, 2020 is P170. On January 31, 2021 when the 10,000 gallon shipment is received, the market price is P210