w ons yplus.com/courses/28010/assignments/2791325?module item_id=10066243 Blossom 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 Blossom Company's year end, December 31: nces ations US Net Realizable Value per Unit Units Unit Cost Clothing Jewellery 67 20 27 Greeting cards Stuffed toys Determine the lower of cost and net realizable value of the ending (ventory assuming Blossom 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.) tes A 4 ENG 354 AM concourse/2010/assignments/2791325/modulejtem id-10066243 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.) Account Titles and Explanation Debit Credit (To write down inventory to lower net realizable value.)