3. Farmin gton Company uses a perpetual inventory system and values its inventory at lower of cost or market. Its accounting records indicate the following information relating to inventory: Inventory Date January 1, 2017 December 31, 2017 December 31, 2018 Cost Market S 60,000 88,000 115,000 104,000 $ 60,000 Required: Prepare the required journal entries at December 31, 2017, and December 31,2018, to record the inventory at lower of cost or market using the following methods a. Direct method b. Allowance method