Wildhorse Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity 120 120 140 110 Unit Cost $3.50 2.20 8.50 7.40 NRV $3.70 1.50 10.00 7.20 Assume that Wildhorse uses a periodic inventory system, and that none of the inventory items can be grouped together accounting purposes. The opening inventory on January 1, 2023, was $3,200 in total.

Wildhorse Corporation had the following items in inventory as at December 31, 2023: Assume that Wildhorse uses a periodic inventory system, and that none of the inventory items can be grouped together accounting purposes. The opening inventory on January 1,2023, was $3,200 in total. Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method: (Credit account titles are automatically indented when the amount is entered. Do not indent manuall). If no entry is required, select "No Entry for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)