Current Attempt in Progress Blossom Company began operations in 2020 and determined its ending inventory at cost and at CNRV at December 31, 2020 and December 31, 2021. This information is presented below. Net Realizable Cost Value 12/31/20 $379,880 $355.230 12/31/21 445,440 424,430 (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) Date Account Titles and Explanation Debit Credit 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 Date Account Titles and Explanation 12/31/20 Debit Credit 12/31/21 Icl Which of the two methods above provides the higher net income in each year? e Textbook and Media List of Accounts Savolo Later Attempts: 0 of 3 used