Blue Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2021: Coffee Bean Units Unit Cost Net Realizable Value Coffea arabica 9,700 bags $5.60 $ 5.55 Coffea robusta 5,600 bags 3.40 3.50 Your answer is correct. Calculate Blue's inventory at the lower of cost and net realizable value. Inventory at the lower of cost and net realizable value 72875 (b) Prepare any journal entry required to record the LCNRV, assuming that Blue 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 Account Titles and Explanation Debit Credit Dec. 31