Lower of Cost or Market

Shaw Systems sells a limited line of specially made products, using television advertising campaigns in large cities. At year end, Shaw has the following data for its inventory:

Compute the carrying value of the ending inventory using the lower of cost or net realizable value rule applied on an item$-$by$-$item basis.

$

Prepare the journal entry required to value the inventory at lower of cost or net realizable value. If an amount box does not require an entry, leave it blank.