Bramble 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. Net Realizable Value Units Cost/Unit 23 $271 137 $260 155 16 Tables Large Small Chairs Plastic Wooden 42 39 45 20 44 29 (a) Your answer is correct What amount should be reported on Bramble Furniture Shop's financial statements, after the lower of cost and net realizable value rule is applied to individual inventory items? LCNRV Tables: Large $ 5980 Small 2192 Chairs: Plastic 1848 Wooden 780 Total $ 10BOO (b) Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Bramble 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31