ACME Incorporated, a public company, has the following inventory information at its December 31 year end: Cost NRV Canned vegetables: Peas 50,000 35,000 Corn 35,000 55,000 Carrots 45,000 30,000 Cost is taken from ACME's accounting records and NRV is based on estimated selling price less the estimated costs to complete and sell the goods. Required: Prepare the journal entry necessary to adjust inventory to LCNRV assuming the company uses the valuation allowance method and adjusts the items based on individual items. The current balance in the allowance to reduce inventory to NRV is an $500 Debit. Please show calculations below the journal entry. (4 marks)