Question 4 of 11 > 0.8/1 E View Policies Show Attempt History Current Attempt in Progress Bramble Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. Cost Net Realizable Value 12/31/20 $321.280 $295,520 12/31/21 392,090 370,230 (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.) Debit Account Titles and Explanation Date Credit 25760 12/31/20 Cost of Goods Sold 25760 Allowance to Reduce Inventory to NRV 3900 12/31/21 Allowance to Reduce Inventory to NRV 3900 Cost of Goods Sold (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. If no entry is required, select "No entry for the account titles and enter for the amounts.) Dahit Credit 12/31/21 Allowance to Reduce Inventory to NRV 3900 Cost of Goods Sold 3900 (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. 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 12/31/21 (c) Which of the two methods above provides the higher net income in each year