Additional Problem 4 (Part Level Submission) Ivanhoe Corporation had the following items in inventory as at December 31, 2017: Unit Item No. Quantity Cost NRV A1 B4 180 $4.00 $4.40 120 2.00 1.50 150 8.00 9.40 260 8.00 7.90 C2 D3 Assume that Ivanhoe uses a perpetual inventory system, and that none of the inventory items can be grouped together for accounting purposes (a1) Prepare the year-end adjusting entry 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 manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) DateAccount Titles and Explanation Debit Credit December 31, 2017 (a2) Prepare the using the indirect method. (Credit account titles are automatically indented when the amount is entered the account titles and enter O for the amounts.) year-end adjusting entry required to adjust to the lower of cost or net realizable value . Do not indent manually. If no entry is required, select "No Entry" for Date Account Titles and Explanation Debit Credit December 31, 2017