View Policies Current Attempt in Progress Sheridan Company uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Sheridan Company's year end, December 31: Net Realizable Value per Unit Units Unit Cost 85 $8 $6 Clothing Jewellery Greeting cards 67 20 23 47 3 4 Stuffed toys 60 11 39 Determine the lower of cost and net realizable value of the ending inventory assuming Sheridan Company applies LCNRV on individual items. net $ QueSLUI JUNU Determine the lower of cost and net realizable value of the ending inventory assuming Sheridan Company applies LCNRV on individual items. Lower of cost and net realizable value e Textbook and Media List of Accounts Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (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 titles and enter for the amounts.) Debit Credit Account Titles and Explanation Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (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 titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To write down inventory to lower net realizable value.) e Textbook and Media List of Accounts Attempts: 0 of 3 used Submit Answer Save for Later