Showtime Company's ending inventory at December 31, 2020, includes the following items: Product BB FM MB Units on Hand 27 10 41 45 Unit Cost $ 115 150 191 83 Net Realizable Value Per Unit $ 120 143 177 97 SL Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory 19,807 b. Applied separately to each product. Product Total Cost Total NRV LCNRV applied to Each Product $ 3,105 BB $ 3,105 $ 2,950 b. Applied separately to each product. Product Total Cost Total LCNRV NRV applied to Each Product 2,950 $ 3,105 BB $ 3,105 $ FM MB SL $ 3,105 $ 2,950 $ 3,105 c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Dec 31, 2020 Accounts payable