Littleton Electronics Ltd. reports the following cost and net realizable value information for its inventory at January 31:

	Units		Unit Cost		Unit NRV
Cameras:
Kodak	4		$182		$164
Minolta	8		144		147
Light Meters:
Gossen	12		130		134
Sekonic	10		116		110

Part 1

Determine the lower of cost and net realizable value of the ending inventory.

		LCNRV
Cameras:
Kodak		$enter a dollar amount
Minolta		enter a dollar amount
Light Meters:
Gossen		enter a dollar amount
Sekonic		enter a dollar amount
Total		$enter a total amount for this column

Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Littleton Electronics uses a perpetual inventory system. (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	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount

A physical inventory count at December 31 found that two of the Minolta cameras were badly damaged. It was determined they had no resale value. Prepare the adjusting entry required, if any, to record the damaged cameras. (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	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount
	enter an account title for the adjusting entry on December 31	enter a debit amount	enter a credit amount