Please help answering these questions in red that are wrong. thank you

Question 6 of 6

Question 6 of 6 View Policies Show Attempt H istory Current Attempt in Progress Your answer is partially correct. 0.56/1 Kingbird Company began operations in 2019 and determined its ending inventory at cost and at lower-of-LIFO cost-or-market at December 31, 2019, and December 31, 2020. This information is presented below: 12/31/19 12/31/20 Cost $333,440 422,600 Lower-of-Cost-or- Market $314,890 407,700 (a) Prepare the journal entries required at December 31, 2019, and December 31, 2020, assuming that the inventory is recorded at market, and a perpetual inventory system (cost-of-goods-sold method) is used. (Credit account titles are automatically indented when amount is entered. DO not indent manually. If no entry is required, select "NO entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation 12/31/19 12/31/20 Cost of Goods Sold Allowance to Reduce Inventory to NRV Allowance to Reduce Inventory to NRV Debit 18550 3650 Credit 18550