Required: a. Detormine the value of the inventory for each toar using the lower of cost or market rule. b. Assuming that Charleston Chair Company maintains a periodic inventory system, prepare journal entries for Year to record the reduction of the inventory to market value using: 1. the direct method 2. the allowance method a. Determine the value of the inventory for each year using the lower of cost or market rule. Year 6 Year 7 Year 8 b1. Assuming that Charleston Chair Company maintains a periodic inventory system, propare joumal entries for December 31 , Yeer 8 to record the reduction of the inventery to market value using the direct method. b2. Assuming that Charleston Chair Company maintains a periodic inventory system, propare joumal entrios for Docember 31 , Year 8 to nocord the rectuction of ine inventory to market value using the allowance method