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  3. 1.25 2016 950,000 ventory at december 31, 2014, 20

1.25 2016 950,000 ventory at December 31, 2014, 2015, and 2016 using the dollar-value LIFO...

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1.25 2016 950,000 ventory at December 31, 2014, 2015, and 2016 using the dollar-value LIFO nsteriskl or each year, and note any years in which there was LIFO liquidation (circle or Instructions Problem #6 (5%) Lower of Cost or Net Realizable Value 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 February S50,000 $60,000 Product December January $30,000 $25,000 March $40,000 $20,000 Ending Inv$35,000 cost Ending Inv $25,000 at NRV a) Prepare the appropriate adjusting entries for the months of January, February, and March to write down the Inventory to LCNRV. b) Explain how GW's March 31st quarterly financial statements would look different if the COGS Method was used. Be very specific and detailed. 10

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