Question 2 A Kitchen Supply Company has the following inventory details: 4 Product Type Pots and Pans Red Ceramic Pot Cast Iron Pan Frying Pan Cutlery Fork Steak Knife Spoon Butter Knife ACCT211 Cooking Gadgets Rice Cooker Blender Hand Mixer Juice Presser # of Units 250 310 565 9,000 4,000 9,000 5,000 330 200 455 190 Cost/Unit $75 $60 $45 $4.50 $6 $4

$4 Assignment 3 $95 $120 $55 $105 NRV/Unit a) Calculate the LCNRV for each group. b) Calculate the LCNRV for each individual product. $80 $55 $35 $4 $7 $3.50 $4 $105 $120 $51 $124 D Note: See Excel for the table. You may complete the question on word or excel. Section 1 c) Prepare the adjusting entries if any for parts (1) and (2). (Hint: prepare one combined journal entry for each of Part 1 and Part 2, to the general Merchandise Inventory account. No need to separate journal entries for each individual product/group).

A Kitchen Supply Company has the following inventory details: ACCT 211 Assignment 3 Sectio Note: See Excel for the table. You may complete the question on word or excel. a) Calculate the LCNRV for each group. b) Calculate the LCNRV for each individual product. c) Prepare the adjusting entries if any for parts (1) and (2). (Hint: prepare one combined journal entry for each of Part 1 and Part 2, to the general Merchandise Inventory account. No need to separate journal entries for each individual product/group)