1 [15 points] Below is a statement of inventory for a candle shop, given on February 28. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost NRV Per Unit Product Quantity Total for product Per Unit Total for product LCNRV applied to Items Group Blue Scented Candles 15 5.70 6.55 Green Sand Candles... 21 9.70 8.80 Blue Sand Candles 13 7.90 8.20 Green Scented Candles Purple Volive Candles Totals 15 6.90 6.75 26 5.75 5.30 b) Prepare any required adjusting entry assuming LCNRV is applied to each item. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. General Journal Page GJ8 Account/Explanation Credit Date F Debit c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no adjusting entry is required. General Journal Page GJ8 Date Account/Explanation F Debit Credit