At the end of 20X1, the cost of inventory was $150,000 while its NRV was $140,000. At the end of 20X2, the cost of inventory was $130,000, while its NRV was $115,000. At the end of 20X3, the cost of inventory was $145,000, while its NRV was $120,000. At the end of 20X4, the cost of inventory was $135,000, while its NRV was $155,000. Required (6 marks): Prepare journal entries to apply lower-of-cost-or-NRV valuation at the end of 20X2, 20X3 and 20X4 (using the indirect (allowance) method)