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The following information on cost and net realizable value of Pronghorn Ltd's various inventory categories was gathered at December 31, 2021: NRV Inventory Categories Desktops
The following information on cost and net realizable value of Pronghorn Ltd's various inventory categories was gathered at December 31, 2021: NRV Inventory Categories Desktops Tablets and readers Laptops Tablets and readers Cost $349,300 169.100 222,500 99,400 $328.800 225.500 285,300 96.300 (a) Your answer is correct. Calculate the lower of cost and net realizable value for each inventory category within Pronghorn's inventory. Inventory Categories LCNRV Desktops $ 328800 Tablets and readers 169100 Laptops 222500 Accessories and parts 96300 Total valuation 816700 e Textbook and Media List of Accounts Attempts: unlimited (b) Prepare the entry needed to adjust Pronghorn's inventory value to the lower of cost or net realizable value at December 31, 2021. (List all debit entries before credit entries. 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 tities and enter Ofor the amounts.) Account Titles and Explanation Debit Credit
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