Information about the ending inventories of Charleston Chair Company, who applies the LIFO method, is shown below: Required: a. Dotermine the value of the inventory for each yoar using the lower of cost or market rule. b. Assuming that Charleston Chair Company maintains a poriodio inventory system, propare journat entries for 2022 fo record the rectuction of the inventory to market value using: 1. the direct method 2. the allowance method a. Determine the value of the inventory for each year using the lower of cost or market rule. 202020212022