Problem 9-03 (Part Level Submission) Novak Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below. Cost 12/31/20 12/31/21 12/31/22 $644,900 827,500 991,500 NRV $644,900 752,800 909,600 (a) Your answer is correct. Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used. (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.) Date Account Titles and Explanation Debit Credit 12/31/214 Cost of Goods Sold 74700 Allowance to Reduce In 74700 12/31/22 Cost of Goods Sold 7200 Allowance to Reduce In 7200 SHOW LIST OF ACCOUNTS SHOW SOLUTION (b) Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using the loss 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 o for the amounts.) Date Account Titles and Explanation Debit Credit 12/31/21 12/31/22 Attempts: 0 of 8 used