Question 5 (10 marks) The following data are available for Vortex Manufacturing Pty Ltd at 30 June 2020: Inventory type Cost Net realisable value Raw materials $199,200 $212,420 Work in progress 171,900 162,950 Finished goods 290,400 263,880 Inventories are valued at the lower of cost and net realisable value. The value of inventory is derived by the method most appropriate to each particular class of inventory and the first-in-first- out basis is applied Required: a) Explain the lower of cost and net realisable value basis of accounting for inventories. (3 marks) (Answer here) I b) Calculate the lower of cost and net realisable value for inventory. (3 marks) Answer and show workings fiere) [ ] C) Prepare the adjusting entry at 30 June 2020 to record any adjustments for the valuation of inventory (2 marks) Answer and show workings here] ) I d) Prepare an extract of the inventory note section for the 30 June 2020 financial statements (2 mark) [Answer and show workings here)