Tenacity Ltd. has prepared the following (incomplete) inventory schedule. Tenacity uses the average costing method under a perpetual inventory system. Tenacity had no opening inventory. Cost of Goods Sold Purchases Balance Total Purchase Total Cost Inventory Total Cost June Sales Units COGS ($) Units ($) Units ($) 1 150.00 480.00 150.00 480.00 10 200.00 660.00 350.00 1,140.00 15 200.00 A 550.00 1,820.00 25 442.00 B C D 28 150.00 525.00 258.00 E 30 100.00 525.00 358.00 1,406.98 Required 2: On June 30th, Tenacity determined ending inventory had a net realizable value of $2,300. Does the inventory balance require any adjustments? Briefly explain. Marks will not be awarded if a reasonable explanation is not provided.