Crane Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $213,015 at both cost and market value. At December 31, 2020, the inventory was $283,735 at cost and $260,560 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 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 O for the amounts.) No. Account Titles and Explanation Debit Credit (a) Cost of Goods Sold (b) Allowance to Reduce Inventory to Market 23715