Accounting 220 Hand-in Assignment 3 Question 4. LO 11 - Record lower of cost and net realizable value The cost and net realizable value of the inventory for Manitoba Corporation are as follows: Year Ended Cost NRV Dec 31, 2020 $297,500 $285,500 Dec. 31, 2021 260,100 255,400 Dec. 31, 2022 286,700 288,900 Manitoba records its inventory at cost and uses an allowance account to make any necessary adjustments at year end. Manitoba Corporation uses a perpetual inventory system. Manitoba's first year of operations is 2020. Required: Prepare any journal entries required at each year end for inventory valuation