Lower of Cost or Market The inventories of Berry Company for the years 2016 and 2017 are as follows: Cost Market January 1, 2016 December 31, 2016 December 31, 2017 $10,000 13,000 15,000 $10,000 11,500 14,000 Berry uses a perpetual inventory system. (con Assume the inventory that existed at the end of 2016 was sold in 2017. Prepare the necessary journal enres Required: the end of each year to recond the correct inventory valuation if Berry uses the: direct method allowance method a. Next Level Explain any differences in inventory valuation and income between the two methods