Wolverine Corp. (Wolverine) reports its inventory at the lower of cost and NRV. Wolverine has five inventory categories. You are provided with the following cost and NRV information about each category on December 31, 2017, Wolverine's year-end:

You later receive the following information about Wolverine's inventory on March 31,
2018, the end of the company's first quarter:

Required:
a. What amount should Wolverine report on its balance sheet for inventory on December 31, 2017?
b. What is the amount of writedown required on December 31, 2017?
c. Record any journal entries required on December 31, 2017 to account for the writedown.
d. Are any adjustments needed to inventory on March 31, 2018? Describe and explain any adjustments required and prepare any journal entries that are needed.
e. What amount should Wolverine report on its balance sheet for inventory on March 31, 2018?

Category Category 1 Category 2 Category 3 39,375 Category 4 Category 5 18,755 Total* Totals have been rounded. Number of Average carrying NRV Total carrying Net realizable per unit $32.86 23.84 15.23 18.37 8.59 units 20,688 46,138 amount per unit $13.35 10.41 17.40 7.83 9.38 amount* 276,178 480,291 685,125 315,549 175,828 $1,932,972 value 679,874 1,099,918 599,760 740,230 161,143 40,300 $3,280,925 Number of units Average Total that were on hand carrying NRV Total Net Category of units Category 1 24,825 Category 2 41,524 Category 3 43,313 Category 4 38,285 Category 5 21,568 Total* number on December 31, amount pe carrying realizable er unit unit amount value" S13.40 $32.86 332,655 S 815,849 22.15 440,152919,751 18.25 617,203790,453 18.37 306,280 703,219 9.10 161762196,271 $1,858,052 $3,425,543 2017 5,412 14,800 21,520 4,500 8,104 10.60 14.25 8.00 750 910 9182 19271 Totals have been rounded.