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the following are the inventories for Year 2, Year 3, and Year 4 for Parry...

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Accounting

the following are the inventories for Year 2, Year 3, and Year 4 for Parry Company: Cost NRV January 1, Year 2 $50,000 $50,000 December 31, Year 2 64,000 60,000 December 31, Year 3 71,000 70,000 December 31, Year 4 75,000 78,000 Required: 1. Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare journal entries to record the lower of cost or net realizable value for each of the following alternatives: a. allowance method, perpetual inventory system. b. direct method, perpetual inventory system.

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