7-3B - Lower of Cost and Net Realizable Value On June 1, 2024, Bill's Ski World buys a new pair of Cambria Carbon Pro skis for $600 and puts them on sale for $999. The skis do not sell, and see price reductions as follows: August 18 - $900 September 30 - $750 November 15 - $700 December 26 - $550 The company's fiscal year end is December 31. The skis finally sell on April 6, 2025 for $550. Required Record all entries required for the life of the skis