Pharoah Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO-cost-or-market at December 31, 2019,2020 and 2021. This information is presented below. Lower-of-Cost-or- Market Cost December 31, 2019 $73,080 $59.640 December 31, 2020 84,000 82,320 December 31, 2021 81,480 81,480 . Your answer is partially correct. Prepare the journal entries assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/19 Cost of Goods Sold 12/31/20 Cost of Goods Sold 12/31/21 Cost of Goods Sold Prepare journal entries required at December 31, 2019, 2020 and 2021, assuming that the inventory is recorded at market under a perpetual system (loss method is used). (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 12/31/19 12/31/20 12/31/21