Coronado Inc. uses LIFO inventory costing. At January $1,2020,$ inventory was $$212,686$ at both cost and market value. At December $31,2020,$ the inventory was $$281,922$ at cost and $$259,890$ at market value. Use an allowance account.

Prepare the necessary December $31$ entry under $($a$)$ the cost$-$of$-$goods$-$sold method $($b$)$ Loss method. $($Credit account thiles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles and enter O for the amounts.$)$