4-Lower of Cost & Net Realizable Value (11 marks) Champ's Pet Emporium sells two categories of products, dishes (large bowls and small bowls) and food (canned and fresh). Their year-end of August 31, 2021 is coming up, and they wish to determine the balance sheet valuation of their inventory (on the perpetual basis). REQUIRED: Product Category # of Units Cost NRV Large Bowls Dishes 28 $ 66 $ 67 Small Bowls Dishes 23 $ 79 $ 70 Canned Fresh Food Food 4 $ 47 $ 71 11 $ 150 $ 195 a) Calculate the Lower of Cost and Net Realizable Value for each product. Calculate the inventory value that should be reported on August 31, 2021 based upon category values. (5 marks) b) Using the results from part a), prepare the journal entry to adjust inventory to LCNRV. (1 mark) c) What would be proper inventory value, if the calculations were based upon total inventory values instead