With their Mary $31,2025$ year$-$end fast approaching. Weybarn General Stoce would like to figure out the value of their Merchandise Inventory account $($presuming a perpetual inventory sysem$).$ They sell four products, sorted into two groups, as listed below:

$\backslash$table$[[$Product$,$Group,$*$ of Units,Cost,Net Realizable value$],[$Oolls$,$Toys,$6,$$ $87,$$ $135],[$Bean Bags,Toys,$26,$$ $88,593],[$Garbage Eage,Supplies,$12,$$ $135,$$ $101],[$Water Botties,Supgles,$31,593,580]]$

REQUIRED:

a$)$ What would be the appropriate value for Inventory on their financial statements, taking into account the Lower of Cost and Net Aealizable Value for the inventory value $($ICNRY$)$ assuming individual values? $(5$ marks$)$

b$)$ Prepare the journal entry to adjust irrvensory to LCNRY$,$ based upon your answer from Part a$).(1$ mark$)$

c$)$ If the calculations were based upon grows values instead of individual values, what would be the new LCNKV$?(5$ marks$)$

End of AssignmentQ$3$ Lower of Cost or Net Realizable Value

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