Instructions General Journal Shaded cells have feedback The inventories of Berry Company for the years 2019 and 2020 are as follows: 10. Prepare the necessary journal entries to close and properly value inventory on December 31 of each year assuming that Berry uses a periodic inventory system and the allowance method. Cost NRV $10,000 $10,000 January 1, 2019 December 31, 2019 13.000 General Joumar instructions 11.500 14,000 December 31, 2020 15.000 Question not attempted. PAGE 1 Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. GENERAL JOURNAL Score: 0/163 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries ar the end of each year to record the correct inventory valuation il Berry uses the a. direct method 2 3 b. allowance method + 2. Next Level Consider the diferences between the direct method and the allowance method with regard to inventory valuation and income. How does the use of a periodic or perpetual inventory system affect the valuation of inventory? 5 6 7 8 9 10 11 12 13