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plz help The following information is available for Blossom Corporation's inventories: December 31,...

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Accounting

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The following information is available for Blossom Corporation's inventories: December 31, 2022: At cost: $580000 At lower of cost and net realizable value (NRV): $520000 December 31, 2023: At cost: $775000 At lower of cost and net realizable value (NRV): $735000 Blossom uses a periodic inventory system and an allowance account to adjust its inventory from cost to the lower of cost and NRV. Blossom's 2022 journal entry to adjust its inventory from cost to the lower of cost and net realizable value (NRV) will include a credit of $60000 to Loss on Inventory Due to Decline in NRV. credit of $60000 to inventory. debit of $60000 to Loss on Inventory Due to Decline in NRV. debit of $60000 to Allowance to Reduce Inventory to NRV

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