What amount should be reported on Bridgeport Furniture Shop's statement of financial position, after the lower of cost and net realizable value rule is applied to individual inventoryitems? Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Bridgeport Furniture Shop uses a perpetual inventory system. (List debit entry before credit entry. Credit account tities 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 0 for the amounts.) Attempts: 0 of 4 used Bridgeport Furniture Shop Inc. uses the lower of cost and net realizable value basis (LCNRV) for reporting its inventory. The following data are avallable at December 31