Question: Smith Corp determines the Ending Inventory he has on Cost and LONRV values like data following: Year End Cost LCNRV 31-Dec-19 $ 650.000 $ 650.000

Smith Corp determines the Ending Inventory he has on Cost and LONRV values like data following: Year End Cost LCNRV 31-Dec-19 $ 650.000 $ 650.000 31-Dec-20 $ 780.000 $ 712.000 31-Dec-21 $ 905.000 $ 830.000 Requested: 1. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume that Smith Corp uses the Perpetual recording method and the Cost of method Goods Sold for Cost adjustment to LCNRV. 2. Prepare the required journal entries for December 31, 2020 and December 31, 2021, Assume Smith Corp uses the Perpetual recording method and the Loss method to Cost adjustment to LCNRV

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