Cullumber Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit Item Quantity Unit Cost A 1,500 $7.80 $8.74 $10.92 $1.56 $1.87 B 1,200 8.53 8.22 9.78 0.94 1.25 1,400 5.82 5.62 7.49 1.20 0.62 D 1,400 3.95 4.37 6.55 0.83 1.56 E 1,800 6.66 6.55 6.97 0.73 1.04 Greg Forda is an accounting clerk in the accounting department of Cullumber Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant. (a) Your answer is correct. Calculate the lower-of-cost-or-market using the individual-item approach. Lower-of-Cost-or-Market (Per unit basis) Item A $ 7.80 Item B $ 8.22 Item C $ 5.67 Item D $ 3.95 Item E $ 6.24 e Textbook and Media List of Accounts Attempts: unlimited Show the journal entry he will need to make in order to write down the ending inventory from cost to market. (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.) Debit Credit Account Titles and Explanation Cost of Goods sold Method: The Loss method