Cullumber Corporation had the following items in inventory as at December 31,2023 : Assume that Cullumber 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) 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 0 for the amounts. List all debit entries before credit entries.)