8.04/12 Question 4 View Policies Show Attempt History Current Attempt in Progress Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Units Unit Cost Unit NRV Cameras: 4 $179 $167 8 145 147 Sony Canon Light Meters: Gossen 12 131 135 Sekonic 10 118 113 (a) Your answer is correct. Determine the lower of cost and net realizable value of the ending inventory. LCNRV Cameras: $ Sony Canon 668 1160 1572 Light Meters: Gossen Sekonic Total 1130 $ 4,530 List of Accounts Attempts: 1 of 3 used Question Part Score 8/8 (b) Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Calabogie 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 Ofor the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Question Part Score --/2