Chapter 6 - / 1 Question 8 of 9 View Policies Current Attempt in Progress Blossom Company uses a perpetual inventory system and the FIFO cost formula for valuing inventory. The company is now in the process of comparing the cost of its inventory with its net realizable value. The following data are available at Blossom Company's year end, December 31: Net Realizable Value per Unit Units Unit Cost Clothing 87 $8 $6 Jewellery 67 20 28 42 Greeting cards 2 5 Stuffed toys 58 11 40 Determine the lower of cost and net realizable value of the ending inventory assuming Blossom Company applies LCNRV on fadividualiters napter -11 ii Question 8 of 9 Determine the lower of cost and net realizable value of the ending inventory assuming Blossom Company applies LCNRV on individual items. Lower of cost and net realizable value $ e Textbook and Media List of Accounts Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (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 O for the amounts.) Chapter 6 -/15 Question 8 of 9 Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (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 Ofor the amounts.) Account Titles and Explanation Debit Credit (To write down inventory to lower net realizable value.) e Textbook and Media List of Accounts WE