Metlock 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		$608,300		$608,300
12/31/18		801,000		728,400
12/31/19		863,200		783,000

Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using an allowance account under the loss method.