Problem #2 Using the data below record the entries for the decline in net realizable value for the Inventory under the following methods and systems: Beginning Inventory at lower of Cost or NRV Purchases at Cost Ending Inventory At Cost Ending Inventory at NRV Sales $ 176,4005 147,700 250,000S 184,000 700,000 1.) Compute Cost of Goods Sold assuming use of the Cost of Goods Sold Method and Periodic System. 4.) Record the journal entry using the Loss Method assuming the use of the periodic system. The CREDIT goes to what ACCOUNT? 10.) The gross profit percentage is computed by dividing the gross profit in dollars by net