Blossom Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity NRV Unit Cost $3.20 A1 145 $5.50 B4 140 2.65 2.30 C2 105 7.40 8.65 D3 120 7.40 7.00 Assume that Blossom uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes. Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis using the direct method. (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 for the amounts.) Account Titles and Explanation Debit Credit Date December 31, 2020 Cost of Goods Sold 97 Inventory 97 Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis using the indirect method. (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 for the amounts.) Debit Credit Date Account Titles and Explanation December 31, 2020 Inventory