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Kingbird Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $216,817 at both cost and market value. At December 31,2025 , the inventory

image text in transcribed Kingbird Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $216,817 at both cost and market value. At December 31,2025 , the inventory was $285,197 at cost and $261,380 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries befor credit entries. 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.)

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