Ivanhoe Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31. Unit Net Realizable pes: Value Units Unit Cost $131 $129 Marilyn 13 Farrah 10 213 228 Jane 10 61 93 J-Lo 8 203 210 Cpt. Kirk 11 162 110 X Your answer is incorrect. Assuming lvanhoe values each type of wig separately, determine the lower of cost and net realizable value of the ending inventory. Lower of cost and net realizable value 716 Assume Ivanhoe made the required journal entry at year end based on the LCNRV as determined in part (a). Shortly after year end, as the economy recovered, it was determined that the NRV of this inventory had increased by $761 Prepare the journal entry required, if any, to record this recovery. (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 Cost of Goods Sold Jan-31 761 Merchandise Inventory 761 (To record the recovery in inventory value.) Prepare the journal entry required, if any, to record the adjustment at year end. (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 No Entry No Entry 0 (To record the decline in inventory value.) eTextbook and Media List of Accounts x Your answer is incorrect. Now assume Ivanhoe combines all wigs together for the purposes of determining LCNRV What amount should be reported on Ivanhoe's balance sheet at year end? $ Value of inventory 770