Crane Corporation had the following items in inventory as at December 31, 2020: Item No. Quantity A1 120 B4 140 C2 150 D3 170 Unit Cost $3.00 2.20 8.20 7.20 NRV $3.50 2.10 9.40 6.80 Assume that Crane uses a periodic inventory system, and that none of the inventory items can be grouped together for accounting purposes. The opening inventory on January 1, 2020, was $3,200 in total. Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the direct method. (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 o for the amounts.) Direct Method: Date Account Titles and Explanation Debit Credit December 31, 2020 Cost of Goods Sold 3200 3200 Inventory (To transfer out beginning inventory balance) December 31, 2020 Inventory 3040 Purchases 3040 (To record ending inventory at LC and NRV) Prepare the year-end adjusting entries required to adjust to the lower of cost or net realizable value using the indirect method. (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 o for the amounts.) Indirect Method: Date Account Titles and Explanation Debit Credit December 31, 2020 (To transfer out beginning inventory balance) December 31, 2020 (To record ending inventory at cost) December 31, 2020 (To write-down inventory to lower NRV)