December 31, 2017, and December 31, 2018. This formation is presented below. Exercise Whispering Company began operations in 2017 and determined tsending inventory at cost and at LONRV Cost Net Realizable Value 12/31/17 $348,040 $326,220 12/31/18 439,900 421,70 (a) Prepare the journal entries required at December 31, 2017, and December 31, 2018, assuming wventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (Credit account titles are automatically indented when amounts entered. Do not indent a lly. If no entry is required, et "No entry for the account titles and enter for the amounts Accounties and Explanation 12/31/17 12/31/18 (b) Pregare journal entries required at December 31, 2017, and December 31, 2018, assumin Inventory account.) (Credit account s are automatically indented when amount tities and enter for the amounts) ventory is recorded at cost and a perpetual system using the loss method. (Use Recovery of to red. Do not indian manually. If no entry is required, select "No entry for the account Debe Date Accout Titles and Explanation 12/31/17 12/31/18 (c) which of the two methods above provides the higher net income in each year