Showtime Company's ending inventory at December $31,2023,$ includes the following items:ProductUnits onHandUnit CostNet RealizableValue Per UnitBB$33$$ $114$$ $119$FM$15149142$MB$47190176$SL$5182967$:$29$edRequired:Calculate LCNRV for the inventory:a$.$ As a whole $($assuming the items are similar$).$LCNRV applied to inventoryb. Applied separately to each product.ProductTotalCostTotalNRVLCNRVapplied to Each ProductBBFMMBSLPrepare the appropriate adjusting entry, if required, based on your calculations in $($b$).$View transaction listJournal entry worksheet$1$Record the entry to write down inventory to NRV$.$