Question 1 [15 points] Official Time: 4:00:50 Below is a statement of inventory for a candle shop, given on April 30 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 product Per Un Total for product Roms Group Red Scented Candes 19 9.95 10.36 Red Sand Candles 12 6.35 720 Green Scented Candles 22 5.76 630 Blue Scented Candles 18 5.95 510 Purple Votive Candles... 10 Totals 7.40 725 b) Prepare any required adjusting entry assuming LCNRV is applied to each dem Dates must be entered in the format ddimmm (15Jan) Leave the entry blank if no adjusting entry is required Gehe Jouma Page 4 Date Account xpiation Debel C Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format ddmmm (15/Jan) LeaveThe entry blank no adjusting entry is required General Jounal Page Cut Cate Account Explanation Cutit Cred