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:
Best Friends
Individuals who share a deep, primary friendship characterized by mutual affection, trust, and support.
Self-esteem
An individual's subjective evaluation of their own worth or the extent to which they value, respect, and feel confident about themselves.
Timid
describes a personality trait characterized by shyness, fearfulness, or a lack of confidence in social situations or when facing new challenges.
Sexual Segregation
The practice or phenomenon of separating individuals based on their sex, often seen in social, educational, or professional contexts.
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