-11 Question 10 of 10 5 View Policies Current Attempt in Progress As a result of its annual inventory count Ayayal Corp.determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2019, and Decembe 31, 2020. December 31, 2019, was Ayayal's first year end. This information is as follows: Lower of Cost and NRV Cost Dec.31.2012 $320.000 5283,250 Dec 31, 2020 385.000 351 250 Prepare the journal entries required at December 31, 2019 and 2020, assuming that the inventory is recorded directly at the lower of contando realizable value and a periodic inventory system is used. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required. select "No Entry for the account titles and enter for the amounts: Debit Date Account Titles and Explanation 12/31/19 (To record ending inventory at LC and NRV) 12/31/20 (To transfer out beginning inventory balance) 12/31/20 (To record ending inventory at LC and NRV) Debit Credit Date Account Titles and Explanation 12/31/19 (To record ending inventory at cost) 12/31/19 (To write-down inventory to lower NRV) 12/31/20 To transfer out beginning inventory balance) (To transfer out beginning inventory balance) 12/31/20 (To record ending inventory at cost) 12/31/20 (To record recovery of write down of inventory to lower NRV)