Cullumber Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity A1 135 B4 150 02 170 D3 100 Unit Cost $3.30 2.45 8.30 7.45 NRV $3.75 2.25 9.30 7.25 Assume that Cullumber 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 o for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020 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.) Date Account Titles and Explanation Debit Credit December 31, 2020