Show your work and explain step by step.

Problem 6-9A Concord Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2018: Coffee Bean Units Unit Cost Net Realizable Value Coffea arabica 11,500 bags $5.60 $5.55 Coffea robusta 4,000 bags 3.40 3.50 x Your answer is incorrect. Try again. Calculate Concord's inventory at the lower of cost and net realizable value. (Round answer to the nearest whole dollar, e.g. 5,275.) Inventory at the lower of cost and net realizable value 77825 Your answer is partially correct. Try again. Prepare any journal entry required to record the LCNRV, assuming that Concord uses a perpetual inventory system. (Round answer to the nearest whole dollar, e.g. 5,275. 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.) Date Account Titles and Explanation Debit Credit Dec 31 Cost of Goods Sold 175 Inventory 175 LINK TO TEXT