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Cost E9.4B (LO 1) (LCNRV-Journal Entries) Yousuf Company began operations in 2020 and determined its ending inventory w cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. LCNRV 12/31/20 $ 865,000 5817.500 12/31/21 1,025.000 987,500 Instructions (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming that the inventory is recorded at LCNRV, and that a perpetual inventory system, using the cost-of-goods-sold method. (b) Prepare journal entries required at December 31, 2020, and December 31, 2021, assuming that the inventory is recorded at LCNRV and a perpetual system, using the loss method. (C) Which of the two methods above provides the higher net income in each year