Calculate and record the ending inventory balance for skates and running shoes using the lower of cost and net realizable value for each item.

Product Item Units Unit Cost Unit NRV

skates

$13$

Bauer

$$262$

$$426$

$$406$

$$359$

$11$

CCM

Shoes

$$123$

$$123$

Adidas

$$112$

$8$

$$119$

Nike

a$.$ What is the total LCM inventory value? $($enter the amount only $-$ do not show calculations$)$

b$.$ Enter your journal entry to record the LCM adjustment using this format: Dr$.$

$($enter

$($enter dollar value of

$($enter account name$)$ for $$\_$

account name$)$ and Cr adjusting entry$)$