Kingbird, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company's inventory records as of December 31, 2017. Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit Unit Replacement Cost/Unit Item Quantity Cost X490 7,548 $9.25 $8.84 $10.36 $2.22 $2.52 X512 3,663 5.18 5.55 6.59 0.19 1.33 X682 13,320 14,06 13.76 23.35 2.41 6.66 Z195 9,250 10.55 10.36 14.65 1.04 4.26 Z846 6,364 8.88 9.44 10.32 1.55 0.81 Calculate the lower-of-cost-or-market using the individual-item approach. Lower-of-Cost-or-Market (Per unit basis) X490 X512 X682 X195 X846 SHOW LIST OF ACCOUNTS Show the journal entries Kingbird, Inc. will need to make in order to write down the ending inventory from cost to market. Assume this is Kingbird's first year of operations. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cost of Goods sold Method: Loss method: