Monty Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following data are available at December 31. Units Cost/Unit Net Realizable Value Tables Large 23 $266 $261 Small 17 141 148 Chairs Plastic 41 47 Wooden 41 19 30 43 30 Your answer is correct. What amount should be reported on Monty Furniture Shop's financial statements, after the lower of cost and net realizable value rule is applied to individual inventory items? LCNRV Tables: Large $ 6003 Small 2397 Chairs: Plastic Wooden 1763 779 Total $ 10942 Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Monty Furniture Shop uses a perpetual inventory system. (List all debit entries before credit entries. 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 Dec. 31 Account Titles and Explanation Debit Credit