A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory. Inventory Item A Item B Ending inventory Quantity Cost $20 100 50 25 a. Calculate ending inventory under the lower of cost and net realizable value. View transaction list 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.)

a. Calculate ending inventory under the lower of cost and net realizable value 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.)