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 Per Unit Total for Per Unit Total for Product Quantity Items Group product product Blue Scented Candles 29 10.35 9.60 Red Votive Candles 22 7.75 7.65 Green Scented Candles 20 6.35 7.20 Red Sand Candles 15 8.40 7.65 Green Votive Candles 14 8.80 7.95 Totals b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. General Journal Page GJ8 Date 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 dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. General Joumal Page GJ8 Date Account/Explanation F Debit Credit Activate Windows GOTO Settings to