Instructions General Journal b2. Assuming that Charleston Chair Company maintains a periodic inventory system, prepare journal entries for December 31, 2022 to record the reduction of the inventory to market value using the allowance method. GENERAL JOURNAL DATE ACCOUNT TITLE 1 2 3 4 5 6 7 PAGE 1 POST. REF. DEBIT CREDIT Instructions Chart of Accounts First Question General Journal Instructions General Journal General Journal Instructions X b1. Assuming that Charleston Chair Company maintains a periodic inventory system, prepare journal entries for December 31, 2022 to record the reduction of the inventory to market value using the direct method. GENERAL JOURNAL DATE ACCOUNT TITLE 1 2 3 4 PAGE 1 POST. REF. DEBIT CREDIT #2 .06-28 Instructions .06-31 Instructions .06-33 =.06-37 =.06-39 06.151.BLANKSHEET .07-22 =.07-46 =.08-47 X.08.148 < Chart of Accounts First Question General Journal Current Year Cost Replacement Cost Selling Price Cost of Completion Normal Profit Margin 2020 $10,000 $11,500 $12,000 $1,000 $1,100 2021 15,000 13,000 14,000 1,500 1,250 2022 20,000 18,600 24,000 2,200 2,900 Required: a. Determine the value of the inventory for each year using the lower of cost or market rule. b. Assuming that Charleston Chair Company maintains a periodic inventory system, prepare journal entries for 2022 to record the reduction of the inventory to market value using: 1. the direct method 2. the allowance method =