A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory: Inventory Item & Item B Quantity 150 50 Cost $29 NRV $34 24 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 View journal entry worksheet No General Journal Debit Credit Transaction 1 1 Utilities Expense A company reports the following amounts for 2021: Inventory (beginning) Inventory (ending) Purchases Purchase returns $ 17,000 34,000 250,000 10,000 Calculate cost of goods sold the inventory turnover ratio, and the average days in inventory for 2021. (Use 365 days in a year. Round your intermediate and final answers to 1 decimal place.) Cost of goods sold Inventory turnover ratio Average days in inventory times days