Parry Company has five different inventory items that are valued by the lower or net realizable value method applied on an individual basis. The normal markup on all items is 20% of cost. The following information was obtained from the accounting records.

item/cost	replacement cost	net realizable value	net realizable value - normal profit	designated market value	final inventory value
A. 5000	4550	4600
B. 3200	3240	3120
C. 4500	4050	4200
D. 3600	2400	3400
E. 2500	2550	2530
Total	18,800

Instructions:

a. Complete the table above, determining Net Realizable Value Less Normal Profit, Designated Market value and Final Inventory for the individual items and Total Final Inventory.

b. Prepare the journal at December 31, 2020, assuming the inventory is recorded at LCNRV a perpetual inventory system using the loss method.