Problem 6-12A Lower of cost and net realizable value L04 The following information pertains to the physical inventory of Electronics Unlimited taken at December 31: Per Unit Units Product on Hand Cost NRV Audio equipment: Wireless audio receivers 329 $195 $184 Touchscreen MP3 players 244 199 219 Audio mixers 310 189 173 Audio stands 188 81 99 Video equipment: Televisions 464 249 294 5GB video cards 275 167 Satellite video recorders 196 609 614 Car equipment: GPS navigators 169 167 141 Double-DIN Car Deck with iPod/iPhone Control and Aux Input 154 209 194 179 Required: 1. Calculate the LCNRV for the a. inventory by major group b. inventory, applied separately to each product. Per Unit Inventory Items LCNRV applied to: b. a. Major Separately to Each Group Product Units on Hand Cost NRV Total cost Total NRV 329 $ 195 $ 184 Audio equipment: Wireless audio receivers Touchscreen MP3 players Audio mixers 244 199 219 310 189 173 Audio stands 188 81 99 Subtotal $ 0 $ 0 464 249 294 Video equipment: Televisions 1GB video cards Satellite video recorders Subtotal 275 167 179 196 609 614 $ 0 0 169 167 141 Car equipment: GPS navigators Double-DIN Car Deck with iPod/iPhone Control & Aux Input Subtotal 154 209 194 $ 0 $ 0 Totals $ 0 $ 0 $ 0 $ 0 2. Prepare the appropriate entry, if any, for 1(a) and 1(b). View transaction list Journal entry worksheet 1 2 > Record the entry to write inventory down to LCNRV(major group). Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal