Carla Inc. uses a perpetual inventory system. At January 1, 2017, inventory was $215,774,800 at both cost and realizable value. At December 31, 2017, the inventory was $285,178,200 at cost and $265,331,200 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

List of account: Accounts Payable, Adjustment to Record Inventory at Cost, Allowance to Reduce Inventory to Market, Allowance to Reduce Inventory to NRV, Biological Assets - Shearing Sheep, Cash, Cost of Goods Sold, Estimated Liability on Purchase Commitments, Inventory Over and Short, Loss Due to Decline of Inventory to NRV, Loss Due to Market Decline of Inventory, Notes Payable, Purchases, Raw Materials, Recovery of Loss Due to Market Decline of Inventory, Recovery of Loss Inventory, Salaries and Wages Expense, Sales Revenue, Unrealized Holding Gain or Loss - Equity, Unrealized Holding Gain or Loss - Income, & Wool Inventory