P9-3 (Lol) (LCNRV_-Cost-of-Goods-Sold and Loss) Malone Company determined its ending inventory at cost and at LCNRV at December 31, 2017, December 31, 2018, and December 31, 2019, as shown below. NRV $650,000 712,000 830,000 Cost S650,000 780,000 12/31/17 12/31/18 12/31/19 Instructions Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inven tory system and the cost-of-goods-sold method of adjusting to LCNRV is used (a) (b) Prepare the journal entries required at December 31, 2018, and at December 31, 2019, assuming that a perpetual inven- tory is recorded at cost and reduced to LCNRV using the loss method