1. At the end of 20X1, the cost of inventory was $150,000 while its NRV was $120,000. At the end of 20X2, the cost of inventory was $130,000, while its NRV was $110,000. At the end of 20X3, the cost of inventory was $140,000, while its NRV was $160,000. At the end of 20X4, the cost of inventory was $135,000, while its NRV was $120,000. Required (6 marks) Note: Don't need to show calculation: Prepare journal entries to apply lower-of-cost-or-NRV valuation at the end of 20X2,20X3 and 20X4 (using the indirect (allowance) method)