Assume Oriole made the required journal entry at year end based on the LCNRV as determined in part (a). Shortly after year end, as the economy recovered, it was determined that the NRV of this inventory had increased by $450. Prepare the journal entry required, if any.to record this recovery. (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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit Jan-31 (To record the recovery in inventory value.) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Oriole Wig Shoppe carries a number of wigs that are made specifically for people who require them while undergoing medical treatment. They use a perpetual inventory system and the FIFO cost formula for valuing inventory. The following information is available regarding the inventory on hand at year end. December 31. Unit Net Realizable Value Types: Units Unit Cost Marilyn 14 $ 139 $ 137 Farrah 10 200 218 Jane 9 60 65 J-Lo 7 203 209 Cpt. Kirk 10 145 119 Assuming Oriole values each type of wig separately, determine the lower of cost and net realizable value of the ending inventory. Lower of cost and net realizable value $ e Textbook and Media List of Accounts Prepare the journal entry required, if any, to record the adjustment at year end. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Dec-31 (To record the decline in inventary value.) e Textbook and Media List of Accounts Now assume Oriole combines all wigs together for the purposes of determining LCNRV. What amount should be reported on Oriole's balance sheet at year end? Value of inventory $