6 of 20 View Policies -/6 E Current Attempt in Progress Picture Perfect Camera Shop is determining the lower of cost and net realizable value of its inventory. The following data are available at December 31: Net Realizable Units Unit Cost Value Cameras: Nikon 15 $675 $609 Canon 17 400 428 Lenses: Sony Sigma 20 22 22 137 124 211 220 Determine the lower of cost and net realizable value of the ending inventory assuming Picture Perfect Camera Shop applies LCNRV to major categories of items. Lower of cost and net realizable value $ Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value assuming Picture Perfect Camera Shop uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To write down inventory to lower net realizable value.) Debit Credit