ABC sells three types of cameras. All inventory is currently valued using historical cost. The cost and net realisable values on 31 May 2018 for each product are shown below:

Inventory Item	Cost per unit Excluding GST	Market value per unit Excluding GST	Cost to sell per unit Excluding GST	Quantity
X1	$1,200	$900	$100	50
X2	$600	$720	$150	90
X3	$2,500	$2,850	$150	20

Required:

Prepare the journal entry to account for necessary adjustments to the inventory valuation at 31 May 2018 for ABC. Show your calculations.

Ignore GST