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1 Functions: MIN, SUM; Formula: Subtract; Cell Referencing 3 BE6.10 Using Excel to Value Inventory at the Lower-of- 4. Cost or Net Realizable Value PROBLEM 6 The following information on cost and net realizable value of 7 Tech-IT Ltd.'s various inventory categories was gathered at 8 December 31, 2021: 9 10 11 12 Inventory Categories Desktops Tablets and readers Laptops Accessories and parts Cost NRV $ 347,000 $ 326,000 168.700 224.000 221.020 285,000 97,400 94,300 14 1 15 1 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area or work area as indicated. a. Calculate the lower of cost and net realizable value for each inventory category within Tech-T's inventory. Inventory Categories Desktops LCNRV Tablets and readers Laptop Accessories and parts Total LCNRV b. Prepare the entry needed to adjust Tech-IT's inventory value to the lower of cost or net realizable value at December 31, 2021. Debit Credit