Blue Company determined its ending inventory at cost and at LCNRV at December 31, 2017, December 31, 2018, and December 31, 2019, as shown below.

		Cost		NRV
12/31/17		$653,200		$653,200
12/31/18		702,800		639,500
12/31/19		868,400		797,900

(a) Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used.