Will Company began operations in 2020 and determined its ending inventory at cost and at LCNRV at December 31, 2020 and December 31, 2021. This information is presented below.

	Cost	Net Realized Value
12/31/20	$362,780	$339,620
12/31/21	389,950	370,690

(a) prepare the journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual inventory system using the cost-of-goods-sold method. (if no entry is required select 'no entry' and enter '0' for amounts).

(b) prepare journal entries required at December 31, 2020, and December 31, 2021, assuming inventory is recorded at LCNRV and a perpetual system using the loss method. (if no entry is required select 'no entry' and enter '0' for amounts).

(c) which of the two methods above provides the higher net income in each year? Options: both methods, cost of goods sold method, or loss method.

Please complete journal entries for section A and section B and answer section C. Please show your work and explain. Thank you