SunlandCorporation had the following items in inventory as at December 31, 2020:

Item No.QuantityUnit

CostNRVA190$3.75$5.20B480

2.502.35C21852.0510.05D31258.457.65

Prepare the yearend adjusting entry required to adjust to the lower of cost or net realizable value on an itembyitem basis using the direct method. [Credit account titles are automatically indented when the amount to entered. Do not indentmanuay if no entry is required, select \"No Entry\" for the account titles and enterOforthe amounts} Date Amount Titles and Explanation Debit Credit 3353mm : I: l: S I: l: 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 indirect 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 O for the amounts.) Date Account Titles and Explanation Debit Credit December 31, 2020Current Attempt in Progress Sunland Corporation had the following items in inventory as at December 31, 2020: Unit Item No. Quantity Cost NRV A1 90 $3.75 $5.20 B4 80 2.50 2.35 C2 185 2.05 10.05 D3 125 8.45 7.65 Assume that Sunland uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes