only need part c!!!!!

cost of goods sold method was incorrect

Bonita Company began operations in 2020 and determined its ending inventory at cost and at CNRV at December 31, 2020, and December 31, 2021. This information is presented below. Cost 12/31/20 $312.750 393,920 Net Realizable Value $286,430 371,370 12/31/21 (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (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 for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/20 Cost of Goods Sold 26320 Allowance to Reduce Inventory to NRV 26320 12/31/21 Allowance to Reduce Inventory to NRV 3770 Cost of Goods Sold 3770 (b) Prepare journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. I no entry is required, select "No entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation 12/31/20 Loss Due to Decline of Inventory to NRV 26320 26320 Allowance to Reduce Inventory to NRV 12/31/21 3770 Allowance to Reduce Inventory to NRV 3770 Recovery of Loss Inventory (c) Which of the two methods above provides the higher net income in each year? Cost of stoods-sold method wides the higher net income in each year? Both methods have the same effect Cost-of-goods-sold method Loss method