Vishnu Current Attempt in ProgressNash Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market atDecember 31, 2019, and December 31, 2020. This information is presented below:12/31/1912/31/2012/31/1912/31/20Cost$317,820444,060(a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded atmarket, and a perpetual inventory system (cost-of-goods-sold method) is used. (Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)12/31/19Lower-of-Cost-or-MarketDate Account Titles and Explanation12/31/20$297,230427,160Date Account Titles and Explanation(b) Prepare journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded atmarket under a perpetual system (loss method is used). (Credit account titles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.)Debit(c) Which of the two methods above provides the higher net income in each year?CreditDebitCredit

Name: Vishnu Current Attempt in ProgressNash Company began operations in 201
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Vishnu Current Attempt in ProgressNash Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market atDecember 31, 2019, and December 31, 2020. This information is presented below:12/31/1912/31/2012