Question 1 [15 points] Below is a statement of inventory for a candle shop, given on January 31 a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group Cost NRV LCNRV applied to Product Quantity Per Unit Total for Per Unit 1 product Total for product Items Group Purple Sand Candles, 22 10.60 9.90 Red Unscented Candles 11 5.30 5.20 Blue Votive Candles 11 10.30 9.60 Green Votive Candles 14 Blue Unscented Candles Totals 24 10.20 735 9.30 7.95 b) Prepare any required adjusting entry assuming LCNRV is applied to each item Dates must be entered in the format ddimmm (15Jan) Leave the entry blank if no adjusting entry is re Page GJB Date: General Journal Account/Explanation. F Debit Credit c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group Dates must be entered in the format ddimmm (15Jan). Leave the entry blank if no agusting entrym required Page Gu Date General Journal Account/Explanation F Debit Credit SUBMIT AND MARK SAVE AND CLA