4. Portland Pine Company began operations in 2016 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2016, and December 31, 2017 (information provided below) 12/31/16 12/31/17 356,000 420,000 Lower-of-Cost-or-Market $327,000 395,000 Required (a) Prepare the journal entries required at December 31, 2016, and December 31, 2017, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (b) - Prepare the journal entries required at December 31, 2016, and December 31, 2017, assuming that the inventory is recorded at market under a perpetual system (loss method is used (c) - Which of the two methods above provides the higher net income in each year