Crane Company uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Crane Company's year end, December 31: Net Realizable Value per Unit Clothing Units Unit Cost 87 $6 76 20 Jewellery 1 Greeting cards Stuffed toys - 54 12 Determine the lower of cost and net realizable value of the ending inventory assuming Crane Company applies LCNRV on individual items. Lower of cost and net realizable value List of Accounts Assistance Used Accounts Payable Accounts Receivable Cash Cost of Goods Sold Freight In Merchandise Inventory No Entry Operating Expenses Purchase Returns and Allowances Purchases Sales Sales Returns and Allowances Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (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.) Account Titles and Explanation (To write down inventory to lower net realizable value.) List of Accounts Assistance Used Accounts Payable Accounts Receivable Cash Cost of Goods Sold Freight In Merchandise Inventory No Entry Operating Expenses Purchase Returns and Allowances Purchases Sales Sales Returns and Allowances