1. Blue Jay Inc. had the following items in inventory as at November 30, 2020: ks Net Realizable Item No. Quantity Unit Cost Value Per Unit A2 B8 D4 85 100 120 90 $ $ $ $ 2.40 2.45 7.45 7.50 $ $ $ $ 4.45 2.35 8.80 6.50 Assume that none of the inventory items can be grouped together for accounting purposes. Required: (a) Prepare the year-end adjusting entry to adjust inventory to the lower of cost or net realizable value on an item-by-item basis using the direct method. (b) Prepare the year-end adjusting entry to adjust inventory to the lower of cost or net realizable value on an item-by-item basis using the indirect method. Assume that the Allowance to Reduce Inventory to NRV account had a balance at November 30, 2019 of $150