Carla Vista Corporation had the following items in inventory as at December 31, 2020: Unit Item No. Quantity Cost NRV A1 100 $3.30 $4.10 B4 100 1.80 1.30 C2 180 8.30 10.20 D3 130 7.80 7.30 Assume that Carla Vista uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2020, was $3,200 in total. (a) Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value 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 O for the amounts.) Direct Method: Direct Method: Date Account Titles and Explanation Debit Credit December 31, 2020 (To transfer out beginning inventory balance) December 31, 2020 (To record ending inventory at LC and NRV)