Riverbed Enterprises Ltd.'s records reported an inventory cost of $55,900 and a net realizable value of $52,200 at December 31 . 2021. At December 31, 2022, the records indicated a cost of $69,300 and a net realizable value of $60,800. All opening inventory had been sold during the year. Assume that at December 31,2023 , the records show inventory with a cost of $61,800 and a net realizable value of $63,000. Prepare the December 31, 2023 entry that is needed under the direct method and the indirect method. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.)