12/31/24 Cost of Goods Sold Allowance to Reduce Inventory to Market 12/31/25 Allowance to Reduce Inventory to Market Inventory Loss Inveriog toss 19910 (4160) Splish Company began operations in 2024 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31,2024 , and December 31, 2025. This information is presented below. (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (List oll debit entries before credit entries. Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry ls required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem, (b) Prepare journal entries required at December 31,2024, and December 31, 2025, assuming that the inventory is recorded at market under a perpetual system (loss method is used). Aist 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 joumal entries in the order presented in the problem.)