Crane Company becan 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. Nel Realizable Value Cast 12/31/20 $354.700 $321,550 12/31/21 413,510 394,540 (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-poods-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! Date Account Titles and Explanation Debit Credit 12/31/20 12/31/21 (bPrepare journal catrics required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at CNRV 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 Lilies and enter for the arounts.) Date Account Titles and Explanation Debit Credit 12/31/20 12/31/21 (cl Which of the two methods abave provides the higher net income in each year