Ally Company began the operation in 2020.Information about the ending inventories of the Company is shown below (assuming the inventories are measured using LIFO):

Estimated Normal Current Selling Replacement Cost of Profit Price COsI Cost disposal Margin 2020 $30,000 $34,500 $36,000 $3,000 $3,300 2021 45.000 39.000 42,000 4,500 3,750 2022 60,000 55,800 72.000 6.600 8,700 Required: A. Determine the value of the inventory for each year using the lower of cost or market rule. B. Assuming a perpetual inventory system, prepare journal entries for 2021 and 2022 to record the reduction of the inventory to market value (if any) using the loss-allowance method. C. Assuming a perpetual inventory system, prepare journal entries for 2021. and 2022 to record the reduction of the inventory to market value (if any) using the cost of goods sold-inventory method.