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

inventory:

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

Record any necessary adjusting entry to inventory.

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

Record any 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.$)$

Journal entry worksheet

$1$

Record the adjusting entry for inventory.

Note: Enter debits before credits.