Silver Co follows the practice of pricing its inventory at LCNRV. The inventory of Silver Co on December 31, 2021, consists of the following items: equired: 1. Determine the inventory as of December 31,2021 by the LCNRV method, applving this method to each item and prepare the journal entries required at December 31, 2021 assuming inventory is recorded at cost with a perpetual inventory system. Use the loss method to record any LCNRV without using an allowance account! 2. Determine the inventory as of December 31,2021 by the LCNRV method, applving this method to total inventory and prepare the journal entries required at December 31, 2021 assuming inventory is recorded at cost with a perpetual system. Use the COGS method to record any LCNRV without using an allowance account