Question 1) A physical inventory of DEF Electronics taken at December 31 reveals the following data:

ITEM	UNITS ON HAND	COST PER UNIT	NRV PER UNIT
Audio Equipment
Receivers	345	$90	$98
CD Players	260	111	100
MP3 Players	326	86	95
Wireless Speakers	204	52	41
Video Equipment
Handheld LCDs	480	$150	$125
VCRs	291	93	84
Camcorders	212	310	322
Car Audio Equipment
Satellite Radios	185	$70	$84
CD/MP3 Radios	170	97	105

Calculate LCNRV by item:

$280,702

$289,010

$273,054

$292,777

$285,242

Question 2) Applying LCNRV on December 31, 20X3, King Company determined that merchandise that originally cost $46,300 was worth $43,500 at NRV. Early in 20X4, the NRV of King Company's inventory unexpectedly increased to $47,500. If the original credit to write-down the inventory in 20X3 was to the Inventory account, what should King Company do in early 20X4:

Make an entry to recognize a $2,800 recovery.
		Make no entry, but disclose the loss in a note accompanying the financial statements.
		Make no entry and make no disclosure.
		Make an entry to recognize a $4,000 recovery.
		Make an entry to recognize a $1,200 gain.

Please answer both the questions not just the first, I ran out of questions here on the Chegg, and I am already failing the course.

Please it's a request I will upvote you for your correct answers for sure.