Crane Corporation had the following items in inventory as at December 31, 2017:

Item No.			Quantity			Unit Cost			NRV
	A1		160			$6.00			$6.40
	B4		210			3.00			2.70
	C2		180			12.00			13.30
	D3		180			10.00			9.80

Assume that Crane uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2017, was $3,820 in total.

Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method.