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

MY CELLS ARE

B5=3,800	C5=52	D5=46	B18=197,600	C18=174,800
B6=4,200	C6=28	D6=30	B19=117,600	C19=126,000
B7=2,500	C7=34	D7=31	B20=85,000	C20=77,500
B8=1,300	C8=22	D8=24	B21=28,000	C21=31,200