Crane Corporation had the following items in inventory as at December 31, 2020: Unit Cost NRV Item No. Quantity A1 140 $3.10 $3.50 B4 140 2.60 1.70 C2 100 8.70 9.80 D3 90 7.00 6.60 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, 2020, was $3,200 in total. 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 O for the amounts.) Direct Method: 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 automaticall 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.) Direct Method: Date Account Titles and Explanation December 31, 2020 Cost of Goods Sold Inventory (To transfer out beginning inventory balance) December 31, 2020 inve Inventory I MIRI