The following is a list of inventory items for Ducard Company on April $30,20$XX$.$

Item Quantity Unit Cost When Acquired Net Realizable Value

Shoes $12$ $ $42\mathrm{.}00$ $ $64\mathrm{.}00$

Sunglasses $2328\mathrm{.}0035\mathrm{.}00$

Umbrellas $1518\mathrm{.}0012\mathrm{.}00$

T$-$Shirts $178\mathrm{.}008\mathrm{.}00$

Hats $2812\mathrm{.}0010\mathrm{.}00$

Sandals $915\mathrm{.}0019\mathrm{.}00$

Boots $1448\mathrm{.}0035\mathrm{.}00$

Keychains $35$ $ $3\mathrm{.}00$ $ $5\mathrm{.}00$

Required

Determine the current value of the Inventory.

Use the lower of Cost or Net Realizable Value to determine the how much inventory should be$.$

Create a journal entry to mark down the inventory.

Hint: Use the IF$()$ function for the Lower of Cost or NRV$.$