Question 3 (12 marks) Davy Company began operations in 2019 and determined its ending inventory at cost and at NRV at December 31, 2019, and December 31, 2020. This information is presented below. Cost December 31, 2019 $520,000 December 31, 2020 $605,000 Net Realizable Value Allowance to Reduce Inventory to NRV $24,000 $585,000 (2) (1) Required (a) Compute (1) and (2) in the table above. (4 marks) (b) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at LCNRV, using a perpetual inventory system and the cost-of-goods-sold method. (4 marks) (c) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming the inventory is recorded at LCNRV, using a perpetual inventory system and the loss method. (4 marks)