The records of Loren Movers Ltd. contained the following inventory data: 20x1 20x2 Cost NRV Cost NRV Category 1 Item A Item B Item C $ 16,900 $14,520 $ 5,400 $ 1,680 50,400 43,200 13,300 12,260 30,200 39,500 57,200 65,200 $ 97,500 $97,220 75,900 $79,140 Category 2 Item D Item E Item F $ 23,000 $21,100 $16,000 $13,240 29,900 13,900 4,700 1,400 49,800 49,800 68,200 64,760 $102,700 $84,800 $88,900 $79,400 Required: 1. Calculate two different amounts that could justifiably be recorded as the allowance to reduce inventory to lower-of-cost-or-NRV at the end of 20X1. a. Individual items b. Category 2. Record the 20/1 lower-of-cost-or-NRV adjustments (if any) for each of the two amounts from requirement 1, using the valuation allowance method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View transaction list 1 Record the allowance to reduce inventory to LC/NRV by Individual items. ms. 2 Record the allowance to reduce inventory to LC/NRV by Category. Credit Note : = journal entry has been entered Record entry Clear entry View general journal 3. Record the 20x2 lower-of-cost-or-NRV adjustments (if any) under each of the two lower of cost or NRV methods, using the valuation allowance method. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list > 1 Record the allowance to reduce inventory to LC/NRV by Individual items. ns. 2 Record the allowance to reduce inventory to LC/NRV by Category. Credit Note : = journal entry has been entered Record entry Clear entry View general journal