help with both parts

P8.8 Milford Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31 , 2021, 2022, and 2023, as follows: Instructions a. Prepare the journal entries required at December 31,2022 and 2023, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. b. Prepare the journal entries required at December 31, 2022 and 2023, assuming that a periodic inventory system is used, with inventory recorded at cost and reduced to NRV through the use of an allowance account