A company reports inventory using the lower-of-cost and net realizable value. Below is information related to its year-end inventory Inventory Item A Item B Cost NRV S35 25 Quantity 140 50 $30 35 a. Calculate ending inventory under the lower-of-cost and net realizable value Ending inventory b. Prepare the necessary adjusting entry toinventary rpathe necessary adjusting enhty to (f no entry i required for a transactionlevent,select "No journal entry required inthe fist acount fheld) entry is required for a transaction/event, select "No journal entry required" in the first account field.) for a View transaction list Journal entry worksheet Record the adjustment for inventory Note: Enter debits before credits. ransaction General Journal ost of goods sold Inventory Record entry Clear entry View general jounal