Total Inventory Cost @ LCNRV LCNRV UNIT COST 92.40 187.49 17.22 73.53 39.53 96.26 85.85 63.29 97.35 158.97 PRODUCT# QTY_ON_HAND 70004 182 41285) 175 683031 488 986291 239| 530401 2531 15237 391 994351 2751 15604 238 659011 322 27546 1821 500771 131 68026 1481 69292 375 44264 338 84345 2931 13526 156 71453 80 23041 493 97645 170 20712 301 59961 94 39080 371 67833 781 93995 257 519991 2881 280221 2231 876771 271 72482 17| 20341 39253 216 45.38 70.03 26.14 64.73 71.75 73.24 94.32 104.25 131.73 17.58 47.21 64.73 20.58 28.79 102.98 73.39 21.28 59.74 61.49 Net Realizable value UNIT_SELLING_P DATE_LAST_SAL RICE_LAST_SAL E Historical Cost 2019-09-06 168.04 16,816.40 2019-09-041 344.48 32,811.27 2019-07-03 33.93 8,405.08 2019-11-04) 109.17 17,572.95 2019-78-701 133.32 3,673.32 2019-07-01 214.07 37,638.20 2019-08-23 247.91 23,609.70 2019-11-21 197.93 15,061.85 2019-11-29 329.50 31,347.60 2019-10-09 425.831 28,932.72 2019-10-19 121.34 13.958.50 2019-10-21 79.00 6,715.97 2019-07-11 42.99 26,261.58 2019-11-11 75.29 8,836.19 2019-07-15 74.87 18,964.98 2019-09-11 121.74 11,192.47 2019-09-16 242.48 5,859.00 2019-10-06 79.28 46,502.05 2019-12-01 253.47 17,722.74 2019-08-201 368.72 39,650.84 2019-08-22 45.87 1,652.76 2019-09-06 120.86 1,746.61 2019-09-24 201.54 5,048.92 2019-07-25 29.57 5,290.29 2019-10-21 79.26 8,292.06 2019-11-05 172.02 22,964.08 2019-07-04 61.32 19.888.84 2019-07-26 62.60 62.60 361.72 2019-09-28 49.86 2,329.79 2019-10-23 36.32 13,281.40 Statement of financial position 791,317.38 XX 39 2. Prepare one adjusting journal entry on December 31 to adjust inventory to the lower of cost or net realizable value. Date Account Titles Debit Credit 3. What impact does the adjusting journal entry prepared in #2 have on the gross margin and inventory turnover (increase, decrease, or no effect)? Impact on gross margin Impact on inventory turnover