ermined nforma- E9.8 (LO 2) (Lower 2019 and determine U ompany ventory (Lower-of-Cost-or-Market-Journal Entries) Corts Company began operations in determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31 and December 31, 2020. This information is presented below. Cost Lower-of-Cost-or-Market 12/31/19 $356,000 $327,000 12/31/20 420,000 395,000 Instructions uming Is-sold Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. b. Prepare journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market under a perpetual system (loss method is used). c. Which of the two methods above provides the higher net income in each year? entory