Arganon Limited had the following ending inventory balances for each of the past six years:

Required:
For each year, 20X4 through 20X8, determine the holding loss ( gain) under lower- of- cost-or- NRV valuation and the adjusting entry ( if any) necessary at the end of each year.

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Cost Net Realizable Value 20X3 20X4 20X5 20X6 20X7 20X8 0 12,000 15,000 18,000 20,000 22,000 0 14,000 13,000 17,000 16,000 23,000