Please answer part b

Flint Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following data are available at December 31. Net Realizable Value Units Cost/Unit Tables 21 $283 $269 Large Small 17 141 151 Chairs Plastic 42 43 41 Wooden 42 20 28 (a) What amount should be reported on Flint Furniture Shop's financial statements, after the lower of cost and net realizable value rule is applied to individual inventory items? LCNRV Tables: Large $ 5,649 Small 2,397 Chairs: Plastic 1,722 Wooden 840 Total $ 10,608 (b) Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Flint Furniture Shop uses a perpetual inventory system. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit Dec. 31