3. Plain Company began the operation in 2020. Information about the ending inventories of the Plain Company is shown below (assuming the inventories are measured using LIFO) Current Normal Replacement Selling Cost of Profit Year Cost Cost Price disposal Marin 2020 $20.000 $23.000 $24,000 $2,000.24. 2.200 2021 26.000 28,000 - 3.000 - 2.500 A $ 2022 40,000 37,200 48.000 - 4,400 = 636-5,800 339 Required: (20 points) a. Determine the value of the inventory for each year using the lower of cost or market rule. 2030 30,000 . Asuming a perpetual invency system, prepare jemal entries for 2020 2021 2022 to record the reduction of the inventory to market value using the loss allowance method. Assuming a perpetual inventory system, prepare journal entries for 2020.2021 2022 to record the reduction of the inventory to market value using the cost of goods sold-oventory method 10