With their May $31,2023$ year$-$end fast approaching, Caronport Carpentry Shop would like to figure out the value of their Merchandise Inventory account $($presuming a perpetual inventory sysem$).$ They sell four products, sorted into two groups, as listed below:

$\backslash$table$[[$Product$,$Group,# of Units,Cost,$\backslash$table$[[$Net Realizable$],[$value$]],],[$Dolls$,$Toys,$6,$$$,92,$$$,142],[$Bean Bags,Toys,$33,$$$,98,$$$,94],[$Garbage Bags,Supplies,$12,$$$,142,$$$,105],[$Water Bottles,Supplies,$28,$$$,94,$$$,89]]$

REQUIRED:

a$)$ What would be the appropriate value for Inventory on their financial statements, taking into account the Lower of Cost and Net Realizable Value for the inventory value $($LCNRV$)$ assuming individual values? $(5$ marks$)$

b$)$ Prepare the journal entry to adjust inventory to LCNRV$,$ based upon your answer from Part a$).$

c$)$ If the calculations were based upon group values instead of individual values, what would be the new LCNRV$?$