Home Furnishings reports inventory using the lower of cost and net realizable value (NRV) method. Below is information related to its year-end inventory. Inventory

Item	Quantity	Cost	NRV
Electronics	41	310	255
Furniture	110	76	91

1. Calculate ending inventory using lower of cost and net realizable value .

Item	Quantity	Lower or Cost and NVR	Ending Inventory
Electronics
Furniture

2. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)