A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory Inventory Quantity Cost Item A Item B 100 60 $28 33 NRV $33 23 a. Calculate ending inventory under the lower of cost and net realizable value. Ending Inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for inventory. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal