Ivanhoe's Gift Shop uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Ivanhoe's Gift Shop's year end, December 31: Net Realizable Value Units Unit Cost Clothing 96 $9 per Unit $7 Jewellery 69 20 27 Greeting cards 40 2 Stuffed toys 58 13 40 5259 (a) Determine the lower of cost and net realizable value of the ending inventory assuming Ivanhoe's Gift Shop applies LCNRV on individual items Lower of cost and net realizable value Prepare the journal entry required. if any, to record the adjustment from cost to net realizable value. (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 bitles and enter O for the amounts. List debit entry before credit entry) Account Titles Debit Credit