Blue Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. Cost 12/31/20 $324,730 12/31/21 414,740 Net Realizable Value $299,410 393,550 Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming that the inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method 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 for the amounts.) Debit Credit Date Account Titles and Explanation 12/31/20 12/31/21 e Textbook and Media List of Accounts Prepare journal entries required at December 31, 2020, and December 31, 2021, assuming that the inventory is recorded at cost and a perpetual system using the loss method 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 for the amounts.) Debit Credit Date Account Titles and Explanation 12/31/20 12/31/21 e Textbook and Media List of Accounts Which of the two methods above provides the higher net income in each year? e Textbook and Media List of Accounts