chapter 8

Current Attempt in Progress Sheffield Inc. uses a perpetual inventory system. At danuary 1.2025 , inventory was $479,360 at both cost and net realizable value. At December 31,2025 , the inventory was $640,640 at cost and $93,600 at net realizable value. Prepare the entry under (a) the cost-ot-goods-sold method and (b) the loss method. (Ust all debit entrles before credit entries. Credit account tities are outomatically Indented when amount is entered. Do not indent manually. if no entry is required, select "No entry" for the occount tities and enter ofor the amounts)