Sarasota Company determined its ending inventory at cost and at lower of cost and net realizable value at December 31, 2021, 2022, and 2023, as follows: Lower of Cost and Cost Net Realizable Value Dec. 31, 2021 $76,000 $76,000 Dec. 31, 2022 79,000 71,100 Dec. 31, 2023 78,800 69,000 (a) Your Answer Correct Answer (Used) Prepare the journal entries required at December 31, 2022 and 2023, assuming that a periodic inventory system and the direct method of adjusting to NRV are used. (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.) Date Account Titles and Explanation 12/31/22 Cost of Goods Sold 12/31/22 Inventory (To close beginning inventory) Inventory Cost of Goods Sold (To record ending inventory) 12/31/23 Cost of Goods Sold 12/31/23 Inventory (To close beginning inventory) Inventory Cost of Goods Sold (To record ending inventory) Debit Credit 76,000 71,100 71,100 69,000 76,0 71, 71, 69,0 Prepare the journal entries required at December 31, 2022 and 2023, assuming that a periodic inventory system is used, with inventory recorded at cost and reduced to NRV through the use of an allowance account. (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.) Date Account Titles and Explanation (To close beginning inventory) (To record ending inventory) (To write down inventory to net realizable value) (To close beginning inventory) (To record ending inventory) (To write down inventory to net realizable value) Debit Credit