! Required information [The following information applies to the questions displayed below) In this Applying Excel exercise you will practice using basic formulas, the MIN function and cell referencing to calculate ending inventory, applying the lower of cost and net realizable value rule Watch the tutorial video and then complete Parts 1 and 2 to practice and apply the skills demonstrated in the video Revise your calculations based the new information provided below and then answer the questions that follow. Inventory Item A Item B Item C Item D Number of Units 7,400 6,709 5, 100 5,300 Unit Cost 49 67 72 54 Unit NRV 55 86 78 43 Required: 1. Based on the new information, prepare the journal entry required: 2. Change the Unit Cost for Item A to $30 and prepare the journal entry required. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on the new information, prepare the journal entry required: (if no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet