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View Policies Show Attempt History Current Attempt in Progress Porter Photography Ltd. reports the following cost and net realizable value information for its inventory at December 31 Units Unit Cost Unit NRV 4 $179 145 $167 147 8 Cameras Fuji Samsung Light Meters: Gossen Sekonic 12 10 131 118 135 113 Your answer is correct. Determine the lower of cost and net realizable value of the ending inventor LCNRV Cameras: Fuji ta 668 Samsung 1160 Light Meters: Gossen 1572 Sekonic 1130 Total $ 4530 e Textbook and Media Your answer is correct. Prepare the adjusting journal entry required, if any, to record the lower of cost and net realizable value of the inventory assuming Porter Photography uses a perpetual inventory system. (List all debit entries before credit entries. 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.) Debit Credit Date Account Titles and Explanation Cost of Goods Sold 98 Dec. 31 98 Inventory e Textbook and Media (c) A physical inventory count at December 31 found that two of the Samsung cameras were badly damaged. It was determined they had no resale value, Prepare the adjusting entry required, If any, to record the damaged cameras. (List all debit entries before credit entries. 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.) Debit Credit Date Account Titles and Explanation Dec 31 eTextbook and Media List of Accounts Attempts: 0 of 15 used Submit Answer Sove for Later Last saved 9 minutes ago Saved work will be auto submitted on the due date

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