Novak Inc. uses a perpetual inventory system. At January $1,2025,$ inventory was $$547,840$ at both cost and net realizable value. At December $31,2025,$ the inventory was $$732,160$ at cost and $$678,400$ at net realizable value.

Prepare the entry under $($a$)$ the cost$-$of$-$goods$-$sold method and $($b$)$ 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.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$

$($b$)$