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, 2022, and December 31, 2023. December 31, 2022, was Sheffield's first year end. This information is as follows: Lower of Cost Cost and NRV Dec. 31, 2022 $ 321,900 $284,050 Dec. 31, 2023 385,000 351,350 (a) Prepare the journal entries required at December 31, 2022 and 2023, 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. List all debit entries before credit entries.)