Instructions X The inventories of Berry Company for the years 2019 and 2020 are as follows: NRV $10,000 January 1, 2019 December 31, 2019 December 31, 2020 Cost $10,000 13,000 15,000 11,500 14,000 Berry uses a perpetual inventory system 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 Explain any differences in inventory valuation and income between the two methods. Shaded cells have feedback. X General Journal 1a. Assume Berry uses the direct method. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31, 2019 2. the reduction in inventory when the inventory from December 31, 2019 is sold during 2020 3. the correct inventory valuation on December 31, 2020 General Journal Instructions Question not attempted. PAGE 1 GENERAL JOURNAL Score: 0/51 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 General Journal Shaded cells have feedback. X 1b. Assume Berry uses the allowance method. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31, 2019 2. the reduction in inventory when the inventory from December 31, 2019 is sold during 2020 3. the correct inventory valuation on December 31, 2020 PAGE 1 GENERAL JOURNAL Score: 0/88 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7