Pronghorn Company determined its ending inventory at cost and at LCNRV at December 31, 2025, December 31, 2026, and December 31, 2027, as shown below. 12/31/26 12/31/25 $691,400 $691,400 12/31/27 (a) Cost Date 755,300 NRV 954,100 683,900 876,300 Prepare the journal entries required at December 31, 2026, and at December 31, 2027, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV are used. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.