Picture Perfect Camera Shop is determining the lower of cost and net realizable value of its inventory. The following data are available at December 31:

				Units			Unit Cost			Net Realizable Value
Cameras:		Nikon		15			$675			$609
		Canon		17			400			432
Lenses:		Sony		22			140			124
		Sigma		20			212			220

Determine the lower of cost and net realizable value of the ending inventory assuming Picture Perfect Camera Shop applies LCNRV to major categories of items.

Lower of cost and net realizable value

$

Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value assuming Picture Perfect Camera Shop uses a perpetual inventory system. (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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
(To write down inventory to lower net realizable value.)