You have been provided with the following information regarding Monty Paper Ltd's inventory for June, July, and August. Paper Inventory (in tonnes) 14,570 15,310 14.050 June 30 July 31 August 31 Cost/Tonne $750 815 NRV/Tonne $815 776 776 750 (a) Your answer is correct. Calculate the cost and net realizable value of Monty Paper's paper inventory at (1) June 30, (2) July 31, and (3) August 31. Cost NRV June 30 $ 10,927,500 $ 11.874,550 July 31 12,477,650 11,880,560 August 31 10,902,800 10,537,500 e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Prepare any journal entry necessary to record the LCNRV of the paper inventory at (1) June 30, (2) July 31, and (3) August 31. Assume that Monty Paper uses a perpetual inventory system and that the company sells any inventory on hand at the end of one month by the end of the next month. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 July 31 August 31