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 $176 $159 Minolta 8 152 154 Light Meters: Gossen 12 137 141 Sekonic 10 111 107 Your answer is correct. Determine the lower of cost and net realizable value of the ending inventory. LCNRV Cameras: Kodak $ 636.00 Minolta 1.216.00 Light Meters: Gossen 1,644.00 Sekonic 1,070.00 Total $ 4,566.00 e Textbook and Media 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. Cost of Goods Sold 31 Inventory e Textbook and Media List of Accounts Your answer is partially correct. 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. Cost of Goods Sold 31 Inventory