Crane Corporation had the following items in inventory as at December $31.2023$:

Item No$.$

A$1$

B$4$

C$2$

D$3$

Quantity

$120$

$140$

$150$

$170$

Unit

Cost

$$3\mathrm{.}00$

$2\mathrm{.}20$

$8\mathrm{.}20$

$7\mathrm{.}20$

NRV

$$3\mathrm{.}50$

$2\mathrm{.}10$

$9\mathrm{.}40$

$6\mathrm{.}80$

Assume 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$)$

V Your answer is correct.

Prepare the year$-$end adjusting entries required to adjust to the lower of cost or net realizable value 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 O for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To transfer out beginning inventory balance$)$

$($To record ending inventory at cost$)$

$($To write$-$down inventory to lower NRV$)$