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Current Attempt in Progress Your answer is partially correct. Metlock Inc. uses a perpetual...

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Accounting

Current Attempt in Progress
Your answer is partially correct.
Metlock Inc. uses a perpetual inventory system. At January 1,2025, inventory was $419,440 at both cost and net realizable value. At December 31,2025, the inventory was $560,560 at cost and $519,400 at net realizable value.
Prepare the entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
No. Account Titles and Explanation
(a) Cost of Goods Sold
Allowance to Reduce Inventory to Market
(b) Recovery of Loss Due to Impairment
Allowance to Reduce Inventory to Market
Debit
Credit
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