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Question 1 (15 points] Below is a statement of inventory for a candle shop, given on June 30. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. Cost Total for product Per Unit Per Unit NRV Total for product LCNRV applied to Items Group Product Blue Votive Candles Red Scented Candles Purple Sand Candles Red Votive Candles Green Votive Candles Totals Quantity 28 14 23 28 28 5.55 5.30 5.40 5.85 9.80 6.35 5.80 5.30 6.40 10.45 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 Account/Explanation Page GJ8 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 Account/Explanation Page GJ8 Credit Date F Debit