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, 2020. Item X490 X512 X682 7195 Unit Cost $12.00 6.72 Quantity 9,792 4.752 17.280 12,000 8,256 Replacement Cost/Unit $11.47 7.20 17.86 13.44 Estimated Selling Price/Unit $13.44 8.54 30.29 19.01 Completion & Disposal Cost/Unit $2.88 0.24 3.12 1.34 2.02 Normal Profit Margin/Unit $3.26 1.73 8.64 5.52 18.24 13.68 2846 1.06 11.52 12.24 13.39 Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g. 52.75) Lower-of-Cost-or-Market (Per unit basis) X490 X512 $ X682 $ X195 $ X846 $ 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. Round answers to decimal places, eg. 5,275.) Debit Credit Account Titles and Explanation Cost of Goods sold Method: Cost of Goods Sold Inventory Loss method: Loss Due to Market Decline of Inventory Allowance to Reduce Inventory to Market