Question 3 of 3 -/3 View Policies Current Attempt in Progress Sweet Acacia uses LIFO inventory costing At January 1, 2020, inventory was $391,600 at both cost and market value. At December 31, 2020, the inventory was $498,300 at cost and $468,600 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) (b) Submit Answer Attempts: 0 of 3 used Save for Later 100% O