Whispering Winds Enterprises Ltd$.\text{'}$s records reported an inventory cost of $$55,000$ and a net realizable value of $$52,400$ at December

$31,2021.$ At December $31,2022,$ the records indicated a cost of $$71,200$ and a net realizable value of $$61,600.$ All opening inventory

had been sold during the year. Assume that at December $31,2023,$ the records show inventory with a cost of $$61,500$ and a net realizable value of $$62,700.$

Prepare the December $31,2023$ entry that is needed under the direct method and the indirect method. $($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles

and enter $O$ for the amounts. List all debit entries before credit entries.$)$