Could you help me to understand how to fill up those blank boxes of Exhibit 9-1 and 9-2 step by step?? 9-2 is continuing question of 9-1. Thank you so much!

EXHIBIT 9-1: APPLICATION OF LOWER-OF-COST-OR-NRV The Purball Cat Food Company has four items in inventory, corresponding to the type of cuisine. Data relating to these items are below! Dry Food Crunchy Goldfish Tidbits $12.400 $30,000 $25,000 $40,000 Cost Selling price Cost to complete and ship Normal profit margin on selling price Replacement cost Canned Food Liver Beefy & Onions Gruel $45.000 $1,000 $50,000 $35,000 $ 8,000 $2,000 $ 4,000 $ 6,000 200 $14,000 25 $30,000 30 $43,000 16 $24,000 Recording the Reduction of Inventory to Market (Exhibit 9-2) (1) Cost of Goods Sold Method: Direct adjustment of inventory account 1. Inventory is decreased and cost of goods sold increased. 2. Loss from decrease in value of inventory becomes "buried" in cost of goods sold. (2) Loss Method: Indirect adjustment by the use of an allowance account 1. The loss is recorded separately from cost of goods sold. 2. Allowance (contra-asset) account is created to reduce inventory to LCNRV. EXHIBIT 9-2: ADJUSTMENT OF INVENTORY Using the information in Exhibit 9-1, the lower of cost or NRV on an individual item basis was determined to be $115,400. Assume that purchases for the year were $300,000, beginning inventory was $90,000, and that the firm uses a periodic inventory system. Prepare the appropriate journal entries to record inventory at LCNRV for each of the following methods Cost of Goods Sold method: Loss method