Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Product Hand...

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Showtime Company's ending inventory at December 31, 2023, includes the following items: Units on Product Hand Unit Cost BB MB SL REPA 36 $111 FM 15 146 187 54 79 Net Realizable Value Per Unit $ 116 139 173 93 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory S 19,802 Total Product Cost b. Applied separately to each product. LCNRV applied to Total NRV Each Product FM MB 823 BB S 111 S 116 148 139 187 173 SL 79 93 $ 523 $ 521 $ 0 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 1 Dec 31, 2023 Merchandise inventory Debit Credit

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