Smail BCIT Login - pow. BOBCIT:: Sign In WileyPLUS P Pearson Sign In Vancouver Canucks P Course Materials ... Die Program Declarati... Crane Company uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Crane Company's year end, December 31: Net Realizable Value Units Unit Cost per Unit Clothing 91 $7 $6 Jewellery 76 20 22 Greeting cards 44 2 3 Stuffed toys 50 12 40 Your answer is incorrect. Determine the lower of cost and net realizable value of the ending inventory assuming Crane Company applies LCNRV on individual items. Lower of cost and net realizable value $ e Textbook and Media List of Accounts W X MacBook Pro Your answer is partially correct. Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (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 O for the amounts.) Account Titles and Explanation Debit Credit (To write down inventory to lower net realizable value.) e Textbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit Answer W X . MacBook Pro