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. Estimated Selling Price/Unit Unit Cost Completion & Disposal Cost/Unit Replacement Cost/Unit Item Normal Profit Margin/Unit Quantity X490 $8.84 $10.36 $2.52 7,548 3,663 $9.25 5.18 X512 5.55 6.59 $2.22 0.19 2.41 1.33 X682 13,320 14.06 13.76 23.35 6.66 2195 10.36 14.65 4.26 9,250 6,364 10.55 8.88 2846 9.44 10.32 1.55 0.81 - Your answer is partially correct. 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 $ 8.84 X512 5.18 X682 $ 14.06 X195 $ 10.36 X840 $ 9.44 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 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Credit Cost of Goods sold Method: Cost of Goods Sold 48753 48753 48753 Loss method: Loss Due to Market Decline of Inventory 48,753 7D 48,753) 48,753