Duvel Company began operations in 2015 and determined its ending inventory at cost and at a LCNRV at December 31, 2015, and December 31, 2016. This information is presented below. Cost Net Realizable Value 12/31/15 520,000 485.000 12/31/16 615,000 585,000 Instructions (a) Prepare the journal entries required at December 31, 2015, and December 31, 2016, assuming that the inventory is recorded at LCNRV, using a perpetual inventory system and the cost-of-goods-sold method. (b) Prepare the journal entries required at December 31, 2015, and December 31, 2016, assuming that the inventory is recorded at cost, using a perpetual system and the loss method. (c) Which of the two methods above provides the higher net income in each year