Current Attempt in Progress

Use the information below. Assume that the company uses a periodic inventory system.

Inventory

At Cost

At NRV

Beginning of the period

$$63,800$

$$63,800$

End of the period

$81,600$

$69,900$

$($a$1)$

What are the journal entries using the direct 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.$)$