the data required to solve this question is given below please solve a+b

Inventory item Nails Bolts Wood screws Nuts Lag screws Hurricane ties Lateral tie plate Washers SUBGROUP TOTAL Lumber 2 x 3 Lumber 2 X 4 Standard Lumber 2 x 4 Standard Lumber 2 X 6 Lumber 2 x 6 Lumber 2 x 12 SUBGROUP TOTAL Plywood degrade 23132 in. x 4 ft. x 8 fl. Plywood Grade A good one-sided 15l32 in. x 4 ft. x 8 ft. SUBGROUP TOTAL Oriented strand board 7/16 in. x 4 ft. x 8 ft. SUBGROUP TOTAL Total materials, parts, and supplies inventory Unit of measure 5-pcund box 5-bolt package 2pcund box 10-nut package 25piece package Individual piece 10-piece package 120-piece package 8 feet 10 feet 12 feet 10 feet 16 feet 14 feet Sheet Sheet Sheet Number of units year end 80 1,500 150 940 70 2,500 268 158 1,325 1,254 785 29 450 200 280 356 1,200 Cost per unit 16 3 15 4 16 12 14 18 20 35 25 9 Total cost 1 ,280 4,500 2,250 3,760 1 ,120 15,000 2,412 1 ,106 31 ,428 10,600 11,286 9,420 406 0,100 4,000 43,812 9,800 8,900 18,700 10,800 10,800 104,740 NRV per unit 21 2 18 6 19 5 11 8 14 17 23 16 36 23 7 Total NRV 1,680 3,000 2,700 5,640 1,330 12,500 2,948 1,264 31,062 11,925 5,775 10,990 493 10,350 3,200 45,736 10,080 8,188 18,268 8,400 8,400 103,466 Building Supplies Inc. (BSI) sells various construction-related materials to builders and retail customers. BSI purchases its inventory from various vendors on trade terms. Most suppliers offer BSI 30-day terms; however, one supplier offers BSI credit terms of 2/10, net 30. BSI made two purchases from this supplier during 20x7: 0 On April 20, BSI purchased $20,000 of inventory. The invoice was paid on April 29. o On October 18, BSI purchased $30,000 of inventory. The invoice was paid on October 31. BSI uses the net method to value its inventory when discounts for early payment are offered by suppliers. BSl's inventory holdings for its year ended December 31, 20X7, are available in Excel in the Project 1 Data file. The company applies the lower of cost and net realizable value (LCNRV) rule when valuing inventory for financial statement reporting purposes. Required: a) Prepare the journal entries to record the two inventory purchases detailed above, together with payment of the related invoices. (2 marks) b) Determine the LCNRV for each item and the inventory as a whole. Prepare a journal entry to adjust the inventory to the LCNRV. (3 marks) Ensure that yourjournal entries include an explanation as to the nature of the transaction