1: Question 1 (9 points) The controller of Houbolt Corp. has the following information relating to its inventory 2 3 Total cost Total NRV Inventory classification Snow skis Item A 650 630 580 Item B 500 Water skis Item C Item D 500 530 680 650 The balance in the valuation allowance is $25 Required Prepare the journal entry to record the write down, if any, to reduce ending inventory to the lower of cost and NRV using the valuation method assuming the following: A. Houbolt applies the lower of cost or NRV valuation by individual items