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 Product Per Unit Quantity Total for Per Unit product Total for product Blue Scented Candles, 22 6.30 535 Purple Votive Candles 17 6.95 6.85 Purple Unscented Candies 23 8.35 9.20 Blue Sand Candles) 18 5.30 5.70 Purple Scented Candles 11 7.20 7.70 Totals LCNRV applied to Group 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 GJB Account/Explanation F Debit Credit Date c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format ddimmm (15/Jan). Leave the entry blank if no adjusting entry is nquired General Journal Page GJB Account/Explanation Date Credit F Debit