QUESTION #2 At the end of 2016, ABC Industries has four inventory items, two of which management believes should be written down. The cost and estimated NRVs per unit of the items are as follows: Quantity Cost NRV Item A Item B Item C Item D 200 520 300 400 340 160 280 200 $320 180 200 240 Required: . Determine the amount by which the inventory should be written down if lower-of-cost-or- NRV valuation is applied item-by-item. Prepare the journal entry to record the writedown. General Journal Date Account Titles and ExplanatiDebit Credit