Current Attempt in Progress Wildhorse's Gift Shop 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 Wildhorse's Gift Shop's year end, December 31: Net Realizable Value Units Unit Cost per Unit Clothing Jewellery Greeting cards Stuffed toys 898 90 $8 $6 67 20 23 49 1 2 50 12 39 (a) Determine the lower of cost and net realizable value of the ending inventory assuming Wildhorse's Gift Shop applies LCNRV on individual items. Lower of cost and net realizable value $ (b) 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 0 for the amounts. List debit entry before credit entry) Account Titles eTextbook and Media Save for Later Question Part Score Debit Credit Attempts: 0 of 2 used Submit Answer -15