Question 3 (continued) Part B (5 marks) The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Components Corporation: Per Unit Inventory Classification Quantity Cost NRV Keyboards Stock A 12 $47 $40 Stock B 20 38 35 Stock C 18 50 55 1. Determine the valuation of the above inventory at cost and at lower of cost or NRV, assuming application of lower-of-cost-or NRV valuation by individual items. (2 marks) Inventory at cost: Inventory at Lower of Cost or NRV: 2. Give the entry to record the writedown, if any, to reduce ending inventory to lower of cost or NRV. Assume periodic inventory and the allowance method. (3 marks) Debit Credit