Sheridan Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020, and December 31, 2021. This information is presented below. Net Realizable Value Cost 12/31/20 $337,080 $315,400 12/31/21 416,500 398,730 (a) Prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation 21680 12/31/20 Cost of Goods Sold 21680 Allowance to Reduce Inventory to NRV 3910 12/31/21 Allowance to Reduce Inventory to NRV 3910 Cost of Goods Sold (b) Prepare journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Date Credit Debit Account Titles and Explanation 12/31/20 12/31/21