Crane Corporation had the following items in inventory as at December 31, 2023:Item No. Quantity UnitCost NRVA1 120 $2.90 $3.20B4 110 1.60 1.10C2 180 9.10 10.30D3 150 6.70 6.20Assume that Crane 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, 2023, 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 0 for the amounts. List all debit entries before credit entries.)Account Titles and ExplanationDebitCreditenter an account title to transfer out beginning inventory balanceenter a debit amount enter a credit amount enter an account title to transfer out beginning inventory balanceenter a debit amount enter a credit amount (To transfer out beginning inventory balance)enter an account title to record ending inventory at lower of cost and net realizable valueenter a debit amount enter a credit amount enter an account title to record ending inventory at lower of cost and net realizable valueenter a debit amount enter a credit amount (To record ending inventory at LC and NRV)