Larkspur, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the companys 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		12,444		$15.25		$14.58			$17.08			$3.66			$4.15
X512		6,039		8.54		9.15			10.86			0.31			2.20
X682		21,960		23.18		22.69			38.49			3.97			10.98
Z195		15,250		17.39		17.08			24.16			1.71			7.02
Z846		10,492		14.64		15.56			17.02			2.56			1.34

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		$enter a dollar amount
X512		$enter a dollar amount
X682		$enter a dollar amount
X195		$enter a dollar amount
X846		$enter a dollar amount

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List of Accounts

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 Larkspurs 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
Cost of Goods sold Method:
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
Loss method:
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

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