A company provides the following information related to its inventory. Inventory Number of Units Unit Cost Unit NRV Item A 3,800 $52 $46 Item B 4,200 $28 $30 Item C 2,500 $34 $31 Item D 1,300 $22 $24 Required: 1. Calculate ending inventory using the lower of cost and net realizable value rule. 2. Based on your analysis, prepare the journal entry needed to adjust inventory. Requirement 1: Ending Inventory using Lower of Cost and Net Realizable Value (Use cells A2 to D8 from the given information above to complete this question. Use the MIN function to calculate the lower of cost or NRV. Hint: To determine whether an adjustment is needed, use an IF function to compare cost and NRV.) Inventory Total Cost Total NRV Lower of Cost and NRV Adjustment Needed Item A $197,600 $174,800 $174,800 Item B $117,600 $126,000 $117,600 Item C $85,000 $77,500 $77,500 Item D $28,600 $31,200 $28,600 Total Requirement 2: Adjust Inventory to Lower of Cost of Net Realizable Value (Use cells A2 to D8 from the given information above to complete this question.) Account Debit Credit Cost of Goods Sold Inventory PLEASE EXPLAIN THE ADJUSTED NEEDED FOR ITEM A,B,C,D ALSO THE DEBIT AND CREDIT FOR COST OF GOODS SOLD AND INVENTORY