Take me to the text Outdoor Company uses the perpetual inventory system and its inventory consists of four products as at November 30, 2018. Selected information is provided below. Required a) Calculate the inventory value that should be reported on November 30, 2018, using the LCNRV applied on an individual item basis. Do not enter dollar signs or commas in the input boxes. Product Number of Units Cost (per unit) NRV (per unit) LCNRV (Individual) $119 $ 83 1 10 $83 2. 5 $93 $76 $ 76 3 40 $72 $49 $ 49 4. 5 $117 $164 $ 117 Inventory Value Total $ LCNRV Inventory Value = $ b) Using the results from part a), prepare the journal entry to adjust inventory to LCNRV. Date Account Title and Explanation Debit Credit 2018 Nov 30 Cost of Goods Sold Merchandise Inventory Adjust inventory to LCNRV