Trillium Import has one of the largest selection of imported food products from Europe. Some of the food products are nearing the "best before date" and as such the wholesale price that Trillium charges its distributors will have to be reduced to move the merchandise. Trillium reported the following cost and net realizable value for inventory at December 31: Product Item Units Unit Cost NRV Pasta Brand Decicco 74 $104 $90 Bari 70 $95 $127 Rustichella 56 $93 $103 Olive Varieties Liguria 106 $181 $237 Gaeta 138 $150 $150 Kalamatas 52 62 $90 $85 Calculate the total ending inventory balance for pasta brands and olive varieties using cost and the lower of cost or net realizable value for each item. Pasta Brand Decicco Bari Rustichella Olive Varieties Liguria Gaeta Kalamatas Total +A S SA Total cost SA $ SA Lower of cost or NRV Prepare the adjusting journal entry for the inventory write-down on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit What effect does the entry have on the financial statements of Trillium Import? The entry has the effect of immediately net income