GW, Inc's is evaluating inventory for lower-of-cost-or-net realizable value (LCNRV) purposes on a monthly basis. GW uses an allowance account and the loss method. Product December January February March Ending Inv @ $30,000 cost $35,000 $50,000 $40,000 Ending Inv at NRV $25,000 $25,000 $60,000 $20,000 1. Prepare the appropriate adjusting entries for the months of January, February, and March to write down the Inventory to LCNRV. 2. Explain how GW's March 31st quarterly financial statements would look different if the COGS Method was used. Be very specific and detailed