Pronghorn 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 Units Cost/Unit Net Realizable Value Tables Large 21 $281 $267 Small 17 136 148 Chairs Plastic 42 45 42 Wooden 39 19 28 What amount should be reported on Pronghorn Furniture Shop's financial statements, after the lower of cost and net realizable value rule is applied to individual inventory items? LCNRV Tables: Large Small Chairs: Plastic Wooden Total $ Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Pronghorn 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31