Concord 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. 12/31/20 12/31/21 Cost $322,170 409,250 Net Realizable Value $299,520 390,440 (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date 12/31/20 12/31/21 (b) Prepare journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. if no entry is required, select "No entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date 12/31/20 12/31/21 (c) Which of the two methods above provides the higher net income in each year