Question 3: Inventory Management has provided you the inventory listing in excel Column C shows the historical cost, and column E is the last selling price of the product which nanagement asserts is the net realizable value of the product. Compare column C and column E to determine which products that have a lower NRV then cost. This an easily be accomplished by using the min function in excel tequired: Perform a lower of cost or net realizable value analysis on a product by product basis (blue cells to the right of inventory listing in columns G and H). Please see additional requirements below the Inventory listing. DATE LAST SAL Net realizable PRODUCTS QTY ON HAND UNIT COST E 46602 201 77.52 11/11/2010 value per unit 80.62 Toal Historical Cost 15.561.56 Total Net Realizable Value LCNRV 11063 284 176.03 9/5/2019 465.22 49,903.32 66321 72 46.13 0/12/2010 67.24 3.321.28 21000 62 100.37 10/18/2010 136.86 6.22301 53703 251 35.56 7/13/2010 10.68 8,025 00 71077 35 35.02 10/4/2010 107.17 90764 413 77.57 7/2010 133.75 1,225 54 32.038.05 69742 110 103.02 7/2019 150 21 20041 174 70.44 10/23/2019 94.72 12,366.01 13.821.04 31015 480 54.74 W/27/2019 126.64 26.276.20 65003 10 19.24 8/12/2010 54.48 3656.50 24256 252 94.98 10/4/2010 10992 23,034.80 38067 445 13.67 8/16/2019 19.50 6,083.47 B 90416 232 38.25 10/28/2019 65.81 8.87322 19629 405 60.39 12/25/2010 123.27 29.802 54 362371 34 40.87 6/5/2010 117.39 1,380.71 55492 16 100.66 11/1/2019 52.00 1,610.50 20046 87 84.87 9/11/2019 74.75 7,383.40 40725 9 49.11 10/14/2010 145.19 441.98 32230 300 34.30 11/24/2019 51.15 10,317.02 64280 266 43.86 9/4/2010 111.07 12.543.33 57912 485 159.82 8/21/2019 445 20 77.511.54 88154 297 2788 12/24/2019 76.95 8.28132 48877 188 10.82 26/2019 582 2.033.76 45938 400 26.12 11/5/2010 75.66 10,681.43 25446 249 95.64 11/3/2019 55.13 23.813.52 38140 285 90.52 11/3/2019 287.98 25,708.21 38788 360 104.57 11/11/2019 280.30 37,646.03 44831 4251 6423 8/3/201 184.80 27,168.99 25495 10 68.44 11/2/2019 167.52 1,300.33 31264 182 81.44 10/14/2019 45.24 14,821.69 81014 372 130.59 12/22/2010 297.73 48.579.46 23992 463 62.53 10/17/2019 100 52 28,951 52 30326 21 80.48 10/2010 135.70 1,690.09 37672 433 36.04 8/26/2019 57.14 15.606 58 44292 113 79.71 2010 51.83 9,007 37 57624 1251 85.75 8/5/2019 137.14 10,718.86 85467 473 70.82 12/17/2019 204.92 33,497 08 21399 221 68.10 12/8/2019 135.52 15,060.49 20535 215 82.15 12/12/2019 175.02 17,662 04 93613 372 17.00 8/27/2019 14.60 61892 425 114.57 7/26/2019 377.21 6,356.37 48.601.11 11450 202 46.81 7/10/2019 38.77 9.456.29 25331 271 76651 11/12/2019 82.82 21,304.201 54 98065 54 79.35 8/3/2019 274.15 4284.78 55 34386 323 17.82 7/7/2019 43.01 5,754 96 81642 468 2954 8/11/2019 15.36 13.823.02 63641 338 21.96 10/14/2019 46 88 7,422.15 48604 247 21.02 11/26/2019 57.63 5,191.67 87036 315 40.24 W7/2019 91.59 12,676.66 35350 494 73.82 9/12/2010 241.58 61805 123 11547 36,468.83 12/2/2019 Statement of financial position 61.00 14.202.97 871,371.42 65 Prepare one adjusting journal entry on December 31 to adjust inventory to the lower of cost or net realizable value. 67 68 69 Dats Account Titles Debit Credit 70 What impact does the adjusting journal entry prepared in #2 have on the gross margin and inventory turnover (increase, decrease, or no effect)? 71 Impact on gross margin Impact on inventory turnover OL