Novak Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below.\ \ Cost\ Net Realizable Value\ 12/31/25\ $356,910 $333,610 \ 12/31/26\ 446,240 426,790 \ \ (a) Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.)\ \ Date\ Account Titles and Explanation\ Debit\ Credit\ choose a transaction date\ 12/31/25\ Correct answer\ enter an account title\ Cost of Goods Sold\ Correct answer\ enter a debit amount \ 23300\ Correct answer\ enter a credit amount \ Correct answer\ enter an account title\ Inventory\ Correct answer\ enter a debit amount \ Correct answer\ enter a credit amount \ 23300\ Correct answer\ choose a transaction date\ 12/31/26\ Correct answer\ enter an account title\ Cost of Goods Sold\ Correct answer\ enter a debit amount \ 19450\ Correct answer\ enter a credit amount \ Correct answer\ enter an account title\ Inventory\ Correct answer\ enter a debit amount \ Correct answer\ enter a credit amount \ 19450\ Correct answer\ \ (b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.)