Question 4 LCNRV (12 Marks) Source Board Inc. has Required: the following products in its ending inventory. a. Complete the chart below to calculate lower of cost or net realizable value (LCNRV) for the inventory product by product, and applied to the total. Skateboards Creature Santa Cruz Flip Group Subtotal Longboards Globel Quantity Per Unit Cost Per Unit NRV Total Cost 7 50.00 65.00 5 65.00 55.00 6 85.00 83.00 4 60.00 55.00 Landyachtz 6 89.00 91.00 Inboard Rayne 7 68.00 78.00 12 87.00 75.00 Group Subtotal Total Total NRV LCNRV applied to: Products Total b. What is the ending inventory balance that should appear on Source Boards December 31 balance sheet if Source Board Inc. applies the concept of LCNRV on a product by product basis? Ending Inventory