A company reports inventory using the lower of cost and net realizable value. Below is information related to its year$-$end

inventory:

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

b$.$ Record any necessary adjustment to inventory.

Complete this question by entering your answers in the tabs below.

Record any necessary adjustment to inventory. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry

Required" in the first account field.$)$

Journal entry worksheet

$1$

Record the adjusting entry for inventory.

Note: Enter debits before credits.