A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 120 42 Unit Cost $...

Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 "/>
Extracted text: A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Inventory Furniture Electronics Quantity 120 42 Unit Cost $ 77 320 Unit NRV $ 92 260 3. Record any necessary adjustment to inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the adjustment for inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 1