Michael Corporation has the following information of inventory at 12/31/2020. This is the first business year of the company Michael Corporation uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, consists of products A, B, C, D, E and F. Relevant per unit data for these products appear below.

Estimated selling price	181
Cost	159
Cost to complete	67
Selling cost	37

Compute Net Realizable Value (NRV) (show your detail calculation), and use the LCNRV rule, determine the proper unit value for balance sheet reporting purposes at December 31, 2020, for the item you select. Finally journalize the journal entry to record the reduction in inventory assuming that the firm is using the Allowance to Reduce Inventory to NRV and Loss Due to Decline of Inventory to NRV accounts.