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Sheffield Inc. uses a perpetual imventory system. At January 1, 2025, inventory was $479,360 at both cost and net realizable value. At December 31,2025 ,

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Sheffield Inc. uses a perpetual imventory system. At January 1, 2025, inventory was $479,360 at both cost and net realizable value. At December 31,2025 , the inventory was $640,640 at cost and $593,600 at net realizable value. Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (Ust all debit entries before credit entries Credit occount tities are automatically indented when amount is entered. Do not indent manuolly. If no entry is required, select "No entry" for the gccount titles and enter O for the amounts

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