(B) At year-end, 31 Dec 2020, the perpetual inventory records of Samson Inc. indicate 80 units of a particular product in inventory, acquired at the following dates and unit costs: Purchased in September: 30 units at $75 per unit. Purchased in November: 50 units at $70 per unit. Part (a) and (b) are independent. (a) A complete physical inventory taken at year-end indicates only 70 units of this product actually are on hand at 31 Dec 2020. Assuming that Samson uses the LIFO cost flow assumption, the journal entry to record this inventory shrinkage including explanation is: (b) If on 31 Dec 2020, the current replacement cost of inventory is $60 per unit, prepare the journal entry including explanation to record the adjustment if any loss in excess of $500 is material and ending inventory is 80 units