Penelope Pittston, the president of Cameron Appliances, has prepared the following information for the company's television inventory at the end of the year: 1. Determine the carrying amount of the inventory using lower of cost or net realizable value applied on an item-by-item basis. x Feredoack. Nhe chickin Work 2. 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