Question 10 Wicked Witches Ltd. (WW), a public company following IFRS, has the following items in its ending inventory: A B D E Cost Replacement cost Net realizable value 4.80 4.60 4.90 5.10 5.20 5.00 6.30 6.30 6.50 7.70 7.50 7.60 8.20 8.60 8.80 Required (9 marks): a) Determine the value of ending inventory for WWI using the lower of cost and net realizable value applied on an individual item basis. You can assume that there are 1,000 units of each of A, B, C, D, and E. b) Prepare any adjusting entry required to adjust ending inventory to reflect LC&NRV. 5