The following information pertains to the physical inventory of Geo Furniture Co. taken at December 31: Product Per unit Units on hand Cost Net realizable value Office furniture Desks Credenzas Chairs Bookshelves Filing cabinets Page 6 of 8 Question marks) Two-drawer Four-drawer Lateral Office equipment Fax machines Copiers Typewriters 415 200 300 117 355 Required 1. Calculate the lower of cost and net realizable value (LCNRV) for the : a. Inventory for major category b. Inventory, applied separately to each product 2. Prepare the appropriate entry, if any, for (a), (b)