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 $606 Canon 17 400 432 Lenses: Sony 22. 136 124 Sigma 20 207 220 Part 1 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 $ Part 2 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 O for the amounts.) Account Titles and Explanation Debit Credit (To write down inventory to lower net realizable value.)