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 Quantity 100 40 Cost $23 28 NRV $28 18 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