1 [15 points] Cost Per Unit Quantity Total for Below is a statement of inventory for a candle shop, given on January 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group Product NRV LCNRV applied to Per Unit product Total for product Items Group Purple Sand Candles, 22 10.60 233.20 9.90 104.94 104.94 Red Unscented Candles, 11 5.30 58.30 5.20 57.20 57.20 Blue Votive Candles 11 10.30 133.30 9.60 105.60 105.60 Green Votive Candles 14 10.20 142.80 9.30 94.86 94.86 Blue Unscented Candles Totals 24 7.35 176.40 7.95 58.43 58.43 744 421 421 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 Page GJ8 Date General Journal Account/Explanation F Debit Credit 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) Le required. Date General Journal Account/Explanation F Debit Page GJ8 Credit