VI. Lower of Cost and Net Realizable Value (5 marks) MJ's Bikes and Boards had the following inventory items in stock: # of Cost Total NRV Total LCNRV applied to units lunit Cost /unit NRV Items Groups Bikes: Spinner 22 $ 600 $ 612 Mudster 15 1,000 960 Total: a) Determine the LCNRV applied to: i) items ii) groups b) Prepare the adjusting journal entry based on your item-by-item calculation to adjust inventory to LCNRV. L O 3