TB EX Qu. 6-222 A company reports inventory using... 28 A company reports inventory using the lower of cost and net realizable value. Below is information related to its year-end inventory: 8 01:07:46 Inventory Item A Item B Quantity 150 60 Cost $26 31 NRV $31 21 a. Calculate ending inventory under the lower of cost and net realizable value. Ending inventory b. Prepare the necessary adjusting entry to inventory. (If no entry is required for a particular transaction/event, select "No Jou Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjusting entry for inventory. Note: Enter debits before credits