Showtime Company$$s ending inventory at December $31,2023,$ includes the following items:

Product Units on Hand Unit Cost Net Realizable Value Per Unit

BB $22$ $ $120$ $ $115$

FM $15143150$

MB $36177191$

SL $409783$

Required:

Calculate LCNRV for the inventory:

a$.$ As a whole $($assuming the items are similar$).$

b$.$ Applied separately to each product.

c$.$ Prepare the appropriate adjusting entry, if required, based on your calculations in $($b$).$q$1$:Record the entry to write down inventory to NRV$.$ Accounts payable

Accounts receivable

Cash

Cost of goods sold

Merchandise inventory

Purchases

Sales

Sales Discounts