The inventories of Berry Company for the years 2019 and 2020 are as follows: Berty uses a perpetual inventory system and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Propare the necessary journal entries at the end of each yoar to record the correct inventory valuation if Berry uses the: a. direct mothod b. allowance method 2. Next Level Explain any differences in inventory valuation and income between the two methods. 1a. Assume Berry uses the direct method. Prepare the necessary joumal 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 General Joumal Instructions 1b. Assume Berry uses the allowance method. Prepare the necessary joumal 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 2. Complete the statements below that explain any ditforences in inventory valuation and income between the two methods. inventory to market under the allowance method