Metlock, 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 Completion & Normal Unit Replacement Selling Disposal Profit Item Quantity Cost Cost/Unit Price/Unit Cost/Unit Margin/Unit X490 10,608 $13.00 $12.43 $14.56 $3.12 $3.54 X512 5.148 7.28 7.80 9.26 0.26 1.87 X682 18,720 19.76 19.34 32.81 3.38 9.36 2195 13,000 14.82 14.56 20.59 1.46 5.98 2846 8,944 12.48 13 26 14.51 2.18 1.14 (a) Your answer is correct. 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 S 11.44 X512 $ 7.28 X682 $ 19.76 X195 14.56 $ $ X846 12.33 Attempts: 2 of 2 used (b) Show the journal entries Metlock, Inc. will need to make in order to write down the ending inventory from cost to market. Assume this is Metlock'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.) Account Titles and Explanation Debit Credit Cost of Goods sold Method: Cost of Goods Sold Allowance to Reduce Inventory to Market Loss method: Loss Due to Market Decline of Inventory Allowance to Reduce Inventory to Market