As a result of its annual inventory count, Sheffield Corp. determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2019, and December 31, 2020. December 31, 2019, was Sheffield's first year end. This information is as follows: Cost Dec. 31, 2019 $321,900 Dec. 31, 2020 385,000 Lower of Cost and NRV $284,050 351,350 Prepare the journal entries required at December 31, 2019 and 2020, assuming that the inventory is recorded directly at the lower of cost and net realizable value and a periodic inventory system is used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/19 (To record ending inventory at LC and NRV) 12/31/20 (To transfer out beginning inventory balance) 12/31/20 (To record ending inventory at LC and NRV) Prepare the journal entries required at December 31, 2019 and 2020, assuming that the inventory is recorded at cost and an allowance account is adjusted at each year end under a periodic system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/19 (To record ending inventory at cost) 12/31/19 (To write-down inventory to lower NRV) 12/31/20 (To transfer out beginning inventory balance) 12/31/20 (To record ending inventory at cost) 12/31/20