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Sheffield Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,742 at both cost and market value. At December 31, 2020, the inventory

Sheffield Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $214,742 at both cost and market value. At December 31, 2020, the inventory was $286,044 at cost and $268,340 at market value. Use an allowance account. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.

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