Final Week Assessment (20%) Final Week Assessment (20%) c) What should the company do if during 2021 NRV for all three items rise above cost points) QUESTION (30 POINTS) Dora Coses the LONRV method to evaluate inventory for financial reporting purposes. Information related to inventory at December 31, 2020 appears below. Item X 10 units $100 90 10 5 Item Y 8 units $70 Cuantity Estimated Selling Price per unit Cost per unit Cost to complete per unit Cost to sell per unit Item 2 units $60 52 8 2 6 2 Required a) Determine the correct value to be reported for inventory on the Financial Position Statement applying CV for each item individually. Prepare the necessary journal entry if needed using the loss method (515 - 10 points) ItemA Item Hem Total inventory LCNRV JOURNAL ENTRY DATI ACCOUNT TITLES DIT CREDIT ) Determine the correct value to be reported for inventory on the Financial Position Statement applying LONRV for inventory in total. Prepare the necessary journal entry if needed using the loss method (545-10 points) Total Inventory LCNRV JOURNAL ENTRY MATI ACCOUNT TITLES DERIT CREDIT