Please answer in detail.

Unit Item No. Quantity Cost NRV 130 $3.00 3.50 180 3.00 2.60 240 14.00 14.80 240 8.00 7.50 A1 84 C2 D3 Assume that Pharoah uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2017, was $4,010 in total. (a) Your answer is partially correct. Try again. Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (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.) Direct Method: Date Account Titles and Explanation Debit Credit December 31, 2017 Cost of Goods Sold To record opening inventory) December 31, 2017 Inventory Cost of Goods Sold