The following information pertains to the physical inventory of Electronics Unlimited taken at December 31:

		Per Unit
Product	Units on Hand		Cost		NRV
Audio equipment:
Wireless audio receivers	329		$195		$184
Touchscreen MP3 players	244		199		219
Audio mixers	310		189		173
Audio stands	188		81		99
Video equipment:
Televisions	464		249		294
1GB video cards	275		167		179
Satellite video recorders	196		609		614
Car audio equipment:
GPS navigators	169		167		141
Double-DIN Car Deck with iPod/iPhone Control & Aux Input	154		209		194

Required:
1. Calculate the LCNRV:
a. For the inventory by major group
b. For the inventory, applied separately to each product.

2. Prepare the appropriate entry, if any, for 1(a) and 1(b).