View Policies Current Attempt in Progress Picture Perfect Camera Shop is determining the lower of cost and net realizable value of its inventory. The following data are available at December 31: Units Cameras: Nikon 15 Unit Cost 5675 400 Net Realizable Value $610 435 Canon 17 Lenses: Sony 22 145 124 Sigma 20 207 220 Determine the lower of cost and net realizable value of the ending inventory assuming Picture Perfect Camera Shop applies LCNRV to major categories of items. Lower of cost and net realizable value $ Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value assuming Picture Perfect Camera Shop uses a perpetual inventory system. (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.) Account Titles and Explanation Debit Credit (To write down inventory to lower net realizable value.) Save for Later Attempts: 0 of 2 used Submit