The following information relates to the inventory on hand at June 30, 2020 held by Zuzu Ltd. Item No. Quantity Cost/unit Cost to Replace Est. selling price A 1458 A 1965 B6730 D0943 G8123 W2167 600 815 749 98 156 1492 $2.30 3.40 7.34 1.23 3.56 6.12 $2.41 3.26 7.35 1.14 3.56 6.15 $3.75 3.50 10.00 1.00 5.70 7.66 Cost of completion and disposal $0.49 0.55 0.95 0.12 0.67 0.36 Required: 1. Calculate the value of inventory to be reported on June 30, 2020 in accordance with the requirements of IAS 2. Show all your calculations. (15%) 2. Prepare the necessary journal entry to adjust the Allowance to reduce inventory to NRV assuming a debit balance of $1,000 before the adjustment. (5%)