closing entries$20$

When practicing lower of cost or net realizable value $($LCNRV$)($applying to total inventory items$),$ what

should the total value of inventory be$?$

$22$

When practicing lower of cost or net realizable value $($LCNRV$)$ to each item, what should the total

value ofe inventory be$?$

$24$

$25$

Assuming the company applies LCNRV to the total inventory, create the adjusting journal entry: