The following chart for JenStar details the cost and selling price of the company's inventory:

DescriptionCost ($)Selling Price ($)Tail light #175110Tail light #28565Total tail light160175 Speedometer #16535Speedometer #2110135Total speedometer175170

Please make sure your final answer(s) are accurate to 2 decimal places. (a) Assume that grouping of inventory items is not appropriate in this case. Apply the lower of cost and net realizable value test and provide the required adjusting journal entry for the period ending December 31. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan).

General JournalPage G1DateAccount/ExplanationPRDebitCredit

(b) Assume that grouping of inventory items is appropriate in this case. Apply the lower of cost and net realizable value test and provide the required adjusting journal entry for the period ending December 31. Enter an appropriate description, and enter the date in the format dd/mmm (i.e., 15/Jan).