ABC Company began operations in 2021 and determined its ending inventory at cost and at lower-of-cost-or-NRV at December 31,2021,2022. This information is presented below. Instructions 1. Prepare the journal entries required at December 31, 2021, and 2022 assuming that the cost-of-goods-sold method is used with an allowance account. 2. Prepare journal entries required at December 31,2021 and 2022, assuming that the loss method is used with an allowance account. 3. Which of the two methods above provides the higher net income in each year