The information shown below relating to the ending inventory was taken at lower of cost or NRV from the records of Components Corporation:

		Per Unit
Inventory Classification	Quantity	Cost	NRV
Keyboards
Stock A	12	$47	$40
Stock B	20	38	35
Stock C	18	50	55

1. Determine the valuation of the above inventory at cost and at lower of cost or NRV, assuming application of lower-of-cost-or NRV valuation by individual items. (2 marks)

Inventory at cost:_____________________________________________

Inventory at Lower of Cost or NRV:____________________________

2. Give the entry to record the writedown, if any, to reduce ending inventory to lower of cost or NRV. Assume periodic inventory and the allowance method. (3 marks)