Please help me. Thankyou. Cullumber Corporation had the following items in inventory as at December 31, 2023:Item No.A1B4C2D3Quantity(a)1501508080UnitCost$2.902.808.806.80NRV$3.401.80Account Titles and Explanation9.70Assume that Cullumber uses a periodic inventory system, and that none of the inventory items can be grouped together foraccounting purposes. The opening inventory on January 1, 2023, was $3,200 in total.6.30Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "NoEntry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)(To transfer out beginning inventory balance)(To record ending inventory at LC and NRV)DebitCredit

Name: Please help me. Thankyou. Cullumber Corporation had the following item
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Description: Please help me. Thankyou. Cullumber Corporation had the following items in inventory as at December 31, 2023:Item No.A1B4C2D3Quantity(a)1501508080UnitCost$2.902.808.806.80NRV$3.401.80Account Titles and Explanation9.70Assume that Cullumber uses a peri

Under periodic inventory system, updates to the inventory records are made on a periodic basis.Under…

Business

Accounting

Cullumber Corporation had the following items in inventory as at December 31, 2023: Item No. A1 B4 C2 D3 Quantity 150 (a) 150 80 80 Unit Cost $2.90 2.80 8.80 6.80 NRV $3.40 1.80 9.70 6.30 Assume that Cullumber uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2023, was $3,200 in total. Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct met (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, sele Entry" for the account titles and enter for the amounts List all dehit entries before credit entries)