As detailed as possible please

The inventory amounts for years 20x5 and 20X6 are provided below for the Rhododendron Company. Original Cost Inventory LCM Amount Date 1/1/X5 12/31/X5 12/31/X6 16,000 S 19,000 21,000 16,000 17,500 21,000 Prepare the journal entries, in general journal form, to apply LCM to the inventories for 20X5 and 20X6, assuming the company uses the allowance method. Omit explanations. Prepare the journal entries, in general journal form, to apply LCM to the inventories for 20X5 and 20X6, assuming the company uses the direct write off method. Omit explanations. REQUIRED: (1) (2)