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: Additional Valuation Issues E9.4 (LO1) (LCNRV-Journal Entries) Dover plc began operations in 2019 and determined t ending inventory at cost and at LCNRV at December 31, 2019, and December 31, 2020. This informs tion is presented below. Net Realizable Value Cost 322,000 390,000 12/31/19 12/31/20 346,000 410,000 Instructions Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-gocds.eld a. method. b. Prepare journal entries required at December 31, 2019, and December 31, 2020, assuming inventory is recorded at cost and a perpetual system using the loss method. c. Which of the two methods above provides the higher net income in each year