Crane Corporation had the following items in inventory as at December 31, 2020:

Item No.			Quantity			Unit Cost			NRV
	A1		125			$3.20			$3.60
	B4		140			2.30			2.15
	C2		160			8.20			9.20
	D3		120			7.30			7.10

Assume that Crane uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes.

Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis 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.)

Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis using the indirect 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.)