Winter Ltd$.$ has the following groups of inventory and net realizable value for its light fixtures:

Cost NRV

Ceiling lights $$23,500$ $$18,100$

Chandeliers $17,50015,100$

Table lamps $19,30021,800$

Floor lamps $16,00019,400$

Desk lamps $8,7006,200$

Total inventory $$85,000$ $$80,600$

Instructions

$($a$)$ Determine the lower of cost and net realizable value of the ending inventory for Winter Ltd$.$

$($b$)$ Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value