Larkspur, 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 Z846 Quantity 9,996 4,851 17,640 12,250 8,428 Unit Cost $12.25 6.86 18.62 13.97 11.76 Replacement Cost/Unit $11.71 7.35 18.23 13.72 12.50 Estimated Selling Price/Unit $13.72 8.72 30.92 19.40 13.67 Completion & Disposal Cost/Unit $2.94 0.25 3.19 1.37 2.06 Normal Profit Margin/Unit $3.33 1.76 8.82 5.64 1.08 (a) 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 $ e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer (b) Show the journal entries Larkspur, Inc. will need to make in order to write down the ending inventory from cost to market. Assume this is Larkspur'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.) Debit Credit Account Titles and Explanation Cost of Goods sold Method: Loss method: e Textbook and Media List of Accounts