E9.8 (LO 2) (Lower-of-Cost-or-Market-Journal Entries) Corrs Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below. oitm aith Lower-of-Cost-or-Market s add ov dooed 1a$327,000tods (d) ni obhi d e mu svlse a in o Itni anq 12/31/19 12/31/20 Cost $356,000 420,000 o oe395,000 olly Instructions a. Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods- sold method) caped destroc is used. b. Prepare journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market under a perpetual system (loss method is used). sdi ab c. Which of the two methods above provides the higher net income in each year