Flint Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2021:

Coffee Bean		Units		Unit Cost			Net Realizable Value
Coffea arabica		11,000 bags		$5.60			$5.55
Coffea robusta		4,500 bags		3.40			3.50

(a)

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Calculate Flints inventory at the lower of cost and net realizable value.

Inventory at the lower of cost and net realizable value

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(b)

Prepare any journal entry required to record the LCNRV, assuming that Flint uses a perpetual inventory system. (List all debit entries before credit entries. 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
Dec. 31