Ivanhoe Corporation had the following items in inventory as at December 31, 2020: Item No. A1 B4 C2 D3 Quantity 145 160 180 80 Unit Cost $3.40 2.60 8.40 7.60 NRV $3.90 2.35 9.40 7.40 Assume that Ivanhoe uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes. Your answer is correct. Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis 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 for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020 56 Cost of Goods Sold Inventory eTextbook and Media Question Part Score 3/3 Your answer is partially correct. Prepare the year-end adjusting entry required to adjust to the lower of cost or net realizable value on an item-by-item basis using the indirect 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 for the amounts.) Debit Credit Date December 31, 2020 Account Titles and Explanation Inventory Over and Short 56 Inventory