Splish Company determined its ending inventory at cost and at LCNRV at December 31, 2020, December 31, 2021, and December 31, 2022, as shown below.

		Cost		NRV
12/31/20		$691,400		$691,400
12/31/21		755,300		683,900
12/31/22		954,100		876,300

Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory system and the cost-of-goods-sold method of adjusting to LCNRV is used.

Prepare the journal entries required at December 31, 2021, and at December 31, 2022, assuming that a perpetual inventory is recorded at cost and reduced to LCNRV using the loss method.