Product Hand Unit Cost Value Per Unit BB 31 $ 119 $ 124 FM 20 154 147 MB 45 195 181 SL 49 87 101 Required: Calculate LCNRV for the inventory: a. As a whole (assuming the items are similar). LCNRV applied to inventory b. Applied separately to each product. Total Total Product Cost NRV LCNRV applied to Each Product BB FM MB SL n d < Prev 5 of c. Prepare the appropriate adjusting entry, if required, based on your calculations in (b). View transaction list Journal entry worksheet 1 Record the entry to write down inventory to NRV. Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit View general journal Record entry Clear entry