The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Electronics Corp.

Prepare the entry to record the writedown, if any, to reduce ending inventory to lower of cost or NRV$.$ Assume periodic inventory and the allowance method. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$

Journal entry worksheet :

$1)$Record the allowance to reduce inventory to LC$/$NRV by individual items.

$2)$Record the allowance to reduce inventory to LC$/$NRV by class of inventory.