Vaughn Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31.2025, and December 31, 2026. This information is presented below. (a) Prepare the journal entries required at December 31,2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods sold method. (List all debit entries before credit entries. Credit occount titles are (b) Prepare journal entries required at December 31, 2025, and December 31, 2026, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (List all debit entries before credit entries. Credit occount tities 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 Ofor the amounts. Record. Joumal entries in the order presented in the problem.) (c) Which of the two methods above provides the higher net income in each year? (a) Prepare the journal entries required at December 31,2025 , and December 31,2026 , assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. fust alf debit entries before credit entrles. Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount titles and enter Ofor the amounts. Record joumal entries in the order presented in the problem.)