The Slayton Company uses a periodic inventory system and values its inventory at lower of cost or NRV. Its accounting records indicate the following information relating to inventory: 
Prepare the required journal entries at December 31, 2019, and December 31, 2020, to record the inventory at lower of cost or market using the following methods:
a. Direct method
b. Allowance method
Definitions:
Metaphor Of A Spotlight
Often used in attention studies, it describes how our focus moves across the field of awareness, highlighting one aspect while leaving others in the dark.
Attention
The cognitive process of selectively focusing on specific stimuli, while ignoring other information.
Attentional Capture
A phenomenon where an individual's attention is automatically drawn towards a particularly conspicuous or salient stimulus, often interrupting ongoing activities.
Voluntary Process
An action or operation that is performed intentionally or under conscious control.
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