Hawkeye Video Centre Ltd. accumulates the following cost and net realizable value data at December 31:

Inventory Categories ______________Cost __________NRV

High definition camcorders ............ $11,000 ............ $10,200

Cameras ..................................... 9,000 ................ 9,500

DVD players .............................. 14,000 .............. 12,800

(a) Calculate the lower of cost and net realizable value for Hawkeye's inventory.

(b) Prepare the entry needed to adjust Hawkeye's inventory value to the lower of cost or net realizable value at December 31.