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- | 1 oRequired information Part10f2 5 points Knowledge Check 01 At the end of the year, inventory has a cost of $200,000 and a net realizable value of $195,000 due to normal business circumstances. Prepare the year-end adjusting entry, if any, for inventory using the lower of cost or net realizable value approach. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. & Answer is complete and correct. No Event General Journal Debit Credit 1 01 Cost of goods sold 5,000 & o Inventory o 5,000 @