The December 31, 2019 inventory of Kwinana Company consisted of four products, for which certain information is provided below.

Required a. Using the LCNRV approach applied on an individual-item basis, compute the inventory valuation that should be reported for each product on December 31, 2019. b. Prepare all necessary journal for implementing LCNRV approach. (Hint: use allowance method)

Product P Q R S Cost $25.00 $42.00 $120.00 $18.00 Estimated Cost to sell $6.50 $12.00 $25.00 $3.00 Expected Selling Price $40.00 $48.00 $190.00 $26.00