QUESTION 1 Berdaya Bhd is a company that supplies plastic ware and plastic household products. The following information is available from the company's inventory records as at 30 June 2020.4 ] Product Plastic chair Plastic table Plastic drawer Plastic water container Heavy duty plastic basket Ending Balance (Units) 6,000-e 1,000-4 1,500 1,200-e 2,000 Cost Per Unit (RM) 30.00 35.00- 40.00-e 10.00- 15.00-2 le Due to the COVID-19 pandemic, the demands for plastic ware and plastic household products are affected. Thus, it is expected that the estimated selling price per unit and selling cost per unit as at 30 June 2020 for each of the product are as below: Product Plastic chair Plastic table Plastic drawer Plastic water container Heavy duty plastic basket Estimated Selling Price Per Unit (RM) 34.00-e 36.00- 40.00 11.50-e 15.80 Estimated Selling Cost Per Unit (RM) 2.00-2 3.00- 2.50- 2.00-2 2.00 4 To comply with the requirement prescribed by the MFRS 102 Inventories, Berdaya Bhd has taken an approach to value its inventory at the Lower of Cost or Net Realisable Value (LCNRV). Additional information:- 1. Berdaya Bhd applies the loss method and Allowance account to record the write down of the inventory to net realisable value (NRV). 2. The company uses the item by item approach to calculate the LCNRV. 3. No balance on the Allowance to Reduce Inventory to NRV account as at 30 June 2020.4 4. The financial year end for Berdaya Bhd is on 30 June. REQUIRED: (Show your workings) (a) Determine the LCNRV and the value of total inventory that should be reported as at 30 June 2020. (b) Prepare the journal entry at 30 June 2020 to account for the write-down of the inventory to NRV. 1 (c) Show a partial of Berdaya's statement of financial position as at 30 June 2020 to present the information on its inventory.:4 (d) Assuming that on 30 June 2020, the account of Allowance to Reduce Inventory to NRV. indicated a credit balance of RM5,500.- i) Determine the amount of additional loss of inventory OR recovery of inventory loss for the financial year end 30 June 2020.4 ). ii) Prepare the relevant journal entry for (d)(i) above.:- (e) What are the conditions for a company to use the 'group of similar item approach in determining the LCNRV