Sandhill Corporation had the following items in inventory as at December $31,2023$:

Assume that Sandhill uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting

purposes.

$($a$1)$

Prepare the year$-$end adjusting entry required to adjust to the lower of cost or 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. List debit entry before credit entry.$)$