ABC, Inc. values its inventor at the lower-of-cost-or NRV The following information is available from the company's inventory records as of December 31, 2022. Instructions 1. Calculate the lower-of-cost-or-NRV using the individual-item approach. 2. Show the journal entries that ABC, Inc. will need to make using the cost-of-goods-sold and the loss methods using an allowance method to write down the ending inventory from cost to NRV. Assume this is ABC s first year of operations