Marigold Enterprises Ltd.'s records reported an inventory cost of $55,600 and a net realizable value of $53,100 at December 31, 2018. At December 31, 2019, the records indicated a cost of $68,300 and a net realizable value of $62,000. All opening inventory had been sold during the year.

Assuming that Marigold Enterprises uses a perpetual inventory system, prepare the December 31, 2019 entry that is needed under the direct method and the indirect method.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Direct method

December 31, 2019

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Indirect method

December 31, 2019

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

SHOW LIST OF ACCOUNTS

Assume that at December 31, 2020, the records indicate inventory with a cost of $61,400 and a net realizable value of $63,000. Prepare the December 31, 2020 entry that is needed under the direct method and the indirect method.(Credit account titles are automatically indented when the amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Direct methodDecember 31, 2020

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Indirect method

December 31, 2020

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

SHOW LIST OF ACCOUNTS