Instructions The inventories of Berry Company for the years 2019 and 2020 are as follows: NRV January 1, 2019 December 31, 2019 December 31, 2020 Cost $10,000 13,000 15,000 $10,000 11,500 14,000 Berry uses the periodic inventory method and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the: a. direct method b. allowance method 2. Next Level Consider the differences 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? General Journal Shaded cells have feedback. X 1a. 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 direct method. General Journal Instructions Question not attempted. PAGE 1 GENERAL JOURNAL Score: 0/101 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 2 3 4 5 6 8 General Journal Shaded cells have feedback. 1b. 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. General Journal Instructions GENERAL JOURNAL Score: 0/163 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 9 10 11 12