Styles QUESTION 3. (30 POINTS) Dora Co. uses the LCNRV method to evaluate inventory for financial reporting purposes. Information related to inventory at December 31, 2020 appears below. Quantity Estimated Selling Price per unit Cost per unit Cost to complete per unit Cost to sell per unit Item X 10 units $100 90 10 5 Item Y 8 units $70 50 6 2 Item z 2 units $60 52 8 2 Required a) Determine the correct value to be reported for inventory on the Financial Position Statement applying LCNRV for each item individually. Prepare the necessary journal entry if needed using the loss method. (5+5 = 10 points) Item A Item B Item C Total inventory LCNRV JOURNAL ENTRY DATE ACCOUNT TITLES DEBIT CREDIT b) Determine the correct value to be reported for inventory on the Financial Position Statement applying LCNRV for inventory in total. Prepare the necessary journal entry if needed using the loss method. (5+5 = 10 points) Total inventory LCNRV JOURNAL ENTRY DATE ACCOUNT TITLES DEBIT CREDIT a AaBbCcl AaBb Ccl AABBCCD AABBC ALA BBCCL AABBCCD 1 Normal No Spacing Heading 1 Heading 2 Heading 3 Heading 4 Paragraph 9 110 Styles 11 12 13 14:15 17 18 Final Week Assessment (20%) c) What should the company do if during 2021 NRV for all three items rises above cost. (10 points)