Ayayai Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following data are available at December 31. Units Cost/Unit Net Realizable Value Tables Large 23 $258 $256 Small 17 144 156 Chairs Plastic 40 46 43 0 Wooden 39 21 30 Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Ayayai Furniture Shop uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31 Account Titles and Explanation Debit Credit