information is presented below for 2020 and 2021. Cost 31/12/20 520,000 31/12/21 615,000 Net Realizable Value 485,000 585,000 Instructions (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, 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, 2020, and December 31. 2021, assuming that the inventory is recorded at cost, using a perpetual system and the loss method