Trillium Importhasoneof the largest selection of imported food productsfrom Europe. Some of the food products are nearing the "best beforedate" and as such the wholesale pricethat 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 81 $ 102 $87 Bari 61 $ 88 $ 120 Rustichella 58 $78 $ 88 Olive Varieties Liguria 98 $ 219 $ 278 Gaeta 133 $ 143 $ 143 Kalamatas 70 $ 110 $ 105 Calculate the total ending inventory balance for pasta brands and olive varieties using cost and the lower of costor net realizable value for each item. Total cost Lower of cost or NRV Pasta Brand Decicco Bari Rustichella Olive Varieties Liguria Gaeta Kalamatas Total $ Preparethe adjusting journal entry for the inventory write down on December 31. (Credit account titles are automatically inderted when amount is entered. Do not indent murally. If no entry is required, select "No Entry"for the account titles onderter Ofor 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