de oue specifically for people who require them while undergoing Tedical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end, December 31. Units Unit Net Realizable Value $147 210 12 Types: Marilyn Farrah Jane J-LO Cpt. Kirk 12 Unit Cost $152 203 65 191 167 8 83 6 197 12 109 Your answer is incorrect. Assuming Blossom values each type of wig separately, determine the lower of cost and net realizable value of the ending inventory 0 Lower of cost and net realizable value Prepare the journal entry required, if any, to record the adjustment at year end. (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 ar enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec-31 (To record the decline in inventory value.) H Value of inventory $ 0 List of Accounts Your answer is partially correct. Assume Blossom made the required journal entry at year end based on the LCNRV as determined in part (a). Shortly after year end, as the economy recovered, it was determined that the NRV of this inventory had increased by $933. Prepare the journal entry required, if any, to record this recovery. (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 for the amounts.) Debit Credit Date Account Titles and Explanation 0 Jan-31 No Entry 1235 PM 7/1/2020 No Entry