Sheridan Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end. December 31. Types: Unit Net Realizable Value Units Unit Cost Marilyn 14 $152 $148 Farrah 10 224 230 Jane 7 7 74 99 J-Lo 8 191 220 Cpt. Kirk 11 162 108 (a) Your answer is correct. Assuming Sheridan values each type of wig separately, determine the lower of cost and net realizable value of the ending inventory Lower of cost and net realizable value 7546 e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is correcta Prepare the journal entry required, if any, to record the adjustment at year end. (Credit occount 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 o for the amounts) Date Account Titles and Explanation Debit Credit Dec-31 Cost of Goods Sold 650 Merchandiselventory 650 (To record the decline in inventory value.) (c) Your answer is incorrect. Now assume Sheridan combines all wigs together for the purposes of determining LCNRV. What amount should be reported on Sheridan's balance sheet at year end? Value of inventory $ e Textbook and Media List of Accounts Sav forster Last saved 1 hour ago Attempts: 2 of 3 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes