Gary Limited has collected the following data related to its ending inventory:

Product Units on Hand Unit Cost Unit NRV Total Cost Total NRV LCNRV

$10050$ $$8$ $$8$

$10120$ $$17$ $$20$

$10280$ $$35$ $$32$

$103105$ $$80$ $$99$

TOTAL

Required:

Calculate the lower of cost and Net Realizable Value on an item by item basis by completing the chart above.

Prepare the journal entry to adjust the Inventory Value assuming a perpetual Inventory System.