Sandhill Wig Shoppe carries a number of wigs that are made specifically for people who require them while under treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following available regarding the inventory on hand at year end, December 31. Units Types: Marilyn Farrah Unit Net Realizable Value $ 148 Unit Cost $152 210 15 12 225 Jane 10 70 85 J-LO 8 186 210 Cpt. Kirk 9 165 104 Assuming Sandhill values cach type of wig separately, determine the lower of cost and net realizable value of the endin inventory Lower of cost and net realizable value Prepare the journal entry required, if any, to record the adjustment at year end. (Credit account titles are autom when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles ar amounts) Date Account Titles and Explanation Debit Dec-31 (To record the decline in inventory value) Now assume Sandhill combines all wigs together for the purposes of determining LCNRV. What amount should be reported on Sandhill's balance sheet at year end? Value of inventory Assume Sandhill made the required journal entry at year end based on the LCNRV as determined in part (a). Shortly after end, as the economy recovered, it was determined that the NRV of this inventory had increased by $775. Prepare the journal entry required, if any, to record this recovery (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 amou Date Account Titles and Explanation Debit Credit Jan-31 (To record the recovery in inventory value)