Question 5 [15 points] Below is a statement of inventory for a candle shop, given on July 31. Cost a) Calculate the lower of cost or net realizable value for the inventory, applied separately to each product, and by inventory group. NRV LCNRV applied to Product Per Unit Total for Per Unit Total for Quantity Items product product Group Green Sand Candles 30 9.45 9.80 Purple Sand Candles 22 9.95 10.35 Red Votive Candles 16 6.75 6.85 Purple Scented Candles 11 5.95 5.25 Blue Sand Candles 26 9.25 8.30 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 adjusting entry is required. General Journal Page GJS Date Account/Explanation F Debit 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 Page GJS Date Account/Explanation F Debit Credit