Cullumber 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 Cullumber Companys year end, December 31:

Cullumber 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 Cullumber Company's year end, December 31: Net Realizable Value per Unit Units Unit Cost Clothing 94 $6 $5 Jewellery 69 20 23 Greeting cards 49 1 2 Stuffed toys 50 12 40 Determine the lower of cost and net realizable value of the ending inventory assuming Cullumber Company applies LCNRV on individual items. Lower of cost and net realizable value $ 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 O for the amounts.) Account Titles and Explanation Debit Credit (To write down inventory to lower net realizable value.)