Practice Exercise 9-2 Crane Company began operations in 2016 and determined its ending inventory at cost and at lower-of-LIFO-cost-or-market at December 31, 2016, and December 31, 2017. This information is presented below. Lower-of-Cost-or- Market December 31, 2016 December 31, 2017 December 31, 2018 Cost $66,120 76,000 73,720 $53,960 74,480 73,720 Prepare the ournal entries assuming that the inventory is recorded at market and a perpetual inventory system cost-of-goods sold me o indented when amount is entered. Do not indent manually.) s used. (Credit accoun tit s are automa cam. Date Account Titles and Explanation Debit Credit 12/31/16 12/31/17 12/31/18