Sheffield Company began operations in 2024 and determined its ending inventory at cost and at lower-of-L/FO cost-or-market at December 31, 2024, and December 31, 2025. This information is presented below. (a) Prepare the journal entries required at December 31, 2024, and December 31, 2025, a6suming that the imventary is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (L.ist oll debit entries before credit entries Credit occount. tities are automatically indented when amount is entered. Do not indent manually ifno entry is required, select "No entry" for the acocuat fitler and enter O for the amounts. Record joumal entries in the order presented in the problem. (b) Prepare jourmal entries required at Docember 31.2024, and December 31. 202.5 assuming that the invertory ss reconded at indented when amount is entered. Do not indent mondilly. If no entry is reyulved, select "Mo entry" for the occecne pleles and enter of for the amounts Recond lownal entrles in the onder preiented in the