Skysong, 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. Item X490 X512 X682 7195 2846 Quantity 11,220 5,445 19,800 13,750 9,460 Unit Cost $13.75 7.70 20.90 15.68 13.20 Replacement Cost/Unit $13.15 8.25 20.46 15.40 14.03 Estimated Selling Price/Unit $15.40 9.79 34.71 21.78 15.35 Completion & Disposal Cost/Unit $3.30 0.28 3.58 1.54 2.31 Normal Profit Margin/Unit $3.74 1.98 9.90 6.33 1.21 (a) 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 $ X512 $ X682 $ X195 $ X846 $ Save for Later Attempts: 0 of 2 used Submit Answer Show the journal entries Teal Mountain, Inc. will need to make in order to write down the ending inventory from cost to market. Assume this is Teal Mountain's first year of operations. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Cost of Goods sold Method: Cost of Goods Gold Loss method