Question: Question 5 [15 points] Below is a statement of inventory for a candle Shop, given on January 31 Calculate the lower of cost or not

Question 5 [15 points] Below is a statement of inventory for a candle Shop, given on January 31 Calculate the lower of cost or not reliable value for the inventory, applied separately to each product and by inventory group Cosi NRV LCNHTV apped to Per Une Totalto Per Unit Total for tems peocat Group product Geen scended Candles 10 760 7.70 13 6.20 6.05 Rate Candles 13 9.50 8.90 De San Candles 10 10 40 9.90 Purple Uncented Candles 18 500 5.15 Total b) Prepare any required adjusting entry assuming LCNRV is applied to each item Dates must be entered in the format dd mmm (15/Jan) Love the entry blank if no adjusting entry is required General Journal D Account Exion Debe Credit 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 if no adjusting entry is required General Journal Dato ACCUExplanation F Debit Credit Page Gus 390 Mase ENG 04 AM 00 IN T2021 O

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