Sandhill Corporation had the following items in inventory as at December 31, 2023: Assume that 5 andhill uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes: Prepare the year-end adjusting entry requited to adjust to the lower of cost of net realizable value on an item-by-item basis 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 0 for the amounts. Last debit entry before credit entry.)