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 Quantity Unit Cost Replacement Cost/Unit Estimated Selling Price/Unit Completion & Disposal Cost/Unit Normal Profit Margin/Unit X490 7.752 $9.50 $9.08 $10.64 $2.28 $2.58 X512 3,762 5.32 5.70 6.76 0.19 137 X682 13.680 14.44 14.14 23.98 247 6.84 7195 9.500 10.83 10.64 15.05 1.06 437 2846 6,536 9.12 9.69 10,60 160 0.84 Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, eg. 52.75.) Lower-of-Cost-or-Market (Per unit basis) X490 $ X512 $ X682 $ X195 X846 $ 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 decimal places, eg. 5,275.) Debit Credit Account Titles and Explanation Cost of Goods sold Method: Loss method