Concorde Inc. uses a perpetual inventory system January 1, 2025 inventory was 376640 at both cost and net realizable value at December 31, 2025 the inventory was 503360 cost and 466400 and net realizable value prepare the entry under a the cost of good sold method and b the loss method. Please help with the account names! The 'Allowance to Reduce Inventory to NRV account was incorrect. I will make sure to upvote a correct answer!!

Concord Inc. uses a perpetual inventory system. At January 1,2025 , inventory was $376,640 at both cost and net realizable value. At December 31,2025 , the inventory was $503,360 at cost and $466,400 at net realizable value. Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. 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 0 for the amounts.) List of Accounts Assistance Used Accounts Payable Adjustment to Record Inventory at Cost Allowance to Reduce Inventory to Market Allowance to Reduce Inventory to NRV Cash Cost of Goods Sold Cost of Goods Sold to Market Estimated Liability on Purchase Commitments Income Summary Inventory Inventory Loss Inventory Over and Short Loss on Fire Loss on Purchase Commitments No Entry Notes Payable Purchases Raw Materials Recovery of Loss Due to Impairment Recovery of Loss Inventory Salaries and Wages Expense Sales Revenue Unrealized Holding Gain or Loss - Equity Unrealized Holding Gain or Loss - Income