The following are the inventories for the years 2019,2020 , and 2021 for Parry Company: Required: 1. Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare journal entries to record the lower of cost or net realizable value for each of the following alternatives: a. allowance method, perpetual inventory system b. direct method, perpetual inventory system 2. Next Level Explain any differences in inventory valuation and income between the two methods. 1a. Assume Parry uses the allowance method and a perpetual inventory system. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31, 2019 2. the reduction in inventory when the inventory from December 31, 2019 is sold during 2020 3. the correct inventory valuation on December 31, 2020 4. the reduction in inventory when the inventory from December 31, 2020 is sold during 2021 5. the correct inventory valuation on December 31, 2021 (if necessary) 2. Next Level Explain any difterences in inventory valuation and income between the two methods. 1b. Assume Parry uses the direct method and a perpetual inventory system. Prepare the necessary journal entries to record: 1. the correct inventory valuation on December 31, 2019 2. the reduction in inventory when the inventory from December 31, 2019 is sold during 2020 3. the correct inventory valuation on December 31, 2020 4. the reduction in inventory when the inventory from December 31, 2020 is sold during 2021 5. the correct inventory valuation on December 31, 2021 (if necessary) 2. Next Level Explain any ditterences in inventory valuation and income between the two methods. 2b. Enter the value of inventory at December 31 each year under each method. D. uireci inelinou, perpelual inveriory systerit 2. Next Level Explain any differences in inventory valuation and income between the two methods