Given the following information for the Raquel Company who uses the periodic inventory system: 
If the allowance method of recording lower of cost or NRV is in use, which December 31, 2020, journal entry is correct? 
Definitions:
Forming Stage
The initial phase of team development where members are brought together, get to know each other, and start to understand the team's goals.
Team Development
The process of enhancing the effectiveness of work groups through improving goal setting, roles, interpersonal relationships, and problem-solving strategies.
Storming Stage
The phase in group development where members experience conflicts and competition, as individual personalities and differences emerge.
Leadership Role
A position within an organization or group that entails guiding, influencing, or directing others towards achieving common goals and objectives.
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