Required: 1-a. Determine the valuation of the above imventory at cost by indlvidual items. 1-b. Determine the valuation of the above imventory at cost assuming application of lower-of-cost-or-NRV by classifications. 2. Prepsere the entry to record the writedown, if sny, to reduce ending inventory to lower of cost or NFW. Assume periodic inventory and the allowance method. (M fhe emty is required for a transectionievent, select We joundi emtry required" in the first account theld.] Journal entry worksheet Aecord the atowance to reduce insemtory to LCersev by indiviual items. Mote: Erour debla beftere codia. Journal entry worksheet