Question 5 [15 points] Below is a statement of inventory for a candle shop, given on January 31. a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group Cost NRV LCNRV applied to Product Per Unit Total for Quantity Per Unit Total for product product Items Group Purple Sand Candles 28 8.90 9.10 Red Votive Candles 19 6.45 5.75 Red Sand Candles 19 9.45 8.80 Blue Sand Candles 26 6.50 6.85 Purple Votive Candles 15 8.55 9 Totals b) Prepare any required adjusting entry assuming LCNRV is applied to each item Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank if no a General Journal Date AccountExplanation F Debit Credit Page GJS c) Prepare any required adjusting entry assuming LCNRV is applied to the whole group. Dates must be entered in the format dd/mmm (15/Jan). Leave the entry blank General Journal Page GJS Date Account/Explanation F Debit Credit