Dover Company began operations in $2025$ and determined its ending inventory at cost and at LCNRV at December $31,2025,$ and

December $31,2026.$ This information is presented below.

Cost

Net Realizable Value

$12/31/25$

$$346,000$

$12/31/26$

$410,000$

$($a$)$ Prepare the journal entries required at December $31,2025,$ and December $31,2026,$ assuming inventory is recorded at LCNRV and

a perpetual inventory system using the cost$-$of$-$goods$-$sold method.