The inventory of royal decking consisted of six products. The inventory of royal decking has developed the following data in order to calculate the lower of cost or net realizable value for its products. The products are listed individually in thousands) Products Selling Price Cost | 190 240 280 365 190 240 105 170 185 345 145 175 Replacement Cost 90 160 180 330 133 180 The disposal costs are 20% of the selling price and the normal profit margin on all product is 30% of the selling price. Required: a. Compute the lower of cost-or-net- realizable value by individual item classification, and in total. b. Prepare the journal entry to adjust inventory using total inventory approach