Question 3: Lower of cost and net realizable value The following information pertains the physical inventory of Electronics Unlimited taken at December 31 Per Unit Product Units on Hand Cost NRV Audio equipment: Wireless audio receivers. Touchscreen MP3 players.. 332 $199 $188 Audio mixers. 247 203 223 313 Audio stands. 193 177 191 85 Video equipment: 103 Televisions.. 467 253 298 5GB video cards... 278 171 183 Satellite video recorders.. 199 613 618 Car equipment: GPS navigators........ 172 171 145 Double-DIN Car Deck with iPod/iPhone Control and Aux Input........... 157 213 198 Required: 1. Calculate the LCNRV for the: a. Inventory by major group b. Inventory, applied separately to each product 2. Prepare the appropriate entry if any for a and b