Allegro Music sells musical equipment

Subject:AccountingPrice:3.87 Bought7

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Allegro Music sells musical equipment. A detailed list of Allegro Music’s inventory follows:
 

Inventory item	Number of units — year end	Cost per unit	Total cost	NRV* per unit	Total NRV	LCNRV**
Chime Set	3	$750	2,250	790	2,370
Cymbals	4	70	280	85	340
Drum Sets	3	450	1,350	525	1,575
Flutes	5	650	3,250	775	3,875
Violins	3	1,500	4,500	1,650	4,950
Guitars	7	62	434	45	315
Guitars-acoustic	9	125	1,125	132	1,188
Guitars-electric	12	190	2,280	225	2,700
Keyboards	4	2,200	8,800	2,100	8,400
Pianos-entry	3	2,300	6,900	2,500	7,500
Pianos-introductory	5	4,500	22,500	4,900	24,500
Pianos-intermediate	2	12,000	24,000	14,200	28,400
Pianos-professional	1	22,500	22,500	25,000	25,000
Pianos-upright	2	5,000	10,000	7,500	15,000
Recorders	25	7	175	10	250
Saxophones	3	575	1,725	675	2,025
Triangles	5	55	275	65	325
Xylophones	4	245	980	300	1,200
			TOTAL= 113,324		Total= 129,913

*NRV = net realizable value
**LCNRV = lower of cost and net realizable value

Required:
Complete the schedule above and prepare the year-end adjusting entry to record the inventory at the lower of cost and net realizable value.