Splish Brothers, 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 Unit Cost $11.00 Replacement Cost/Unit $10.52 6.60 Estimated Selling Price/Unit $12.32 7.83 Completion & Disposal Cost/Unit $2.64 0.22 Quantity 8,976 4,356 15,840 11,000 7,568 Normal Profit Margin/Unit $2.99 1.58 7.92 5.06 0.97 X682 2.86 6.16 16.72 12.54 10.56 16.37 12.32 11.22 2195 2846 27.76 17.42 12.28 1.23 1.85 (a) Calculate the lower-of-cost-or-market using the individual-item approach. (Round answers to 2 decimal places, e.g. 52.75.) Lower-of-Cost-or-Market (Per unit basis) X490 $ X512 $ X682 $ $ X195 $ $ X846 (b) Show the journal entries Splish Brothers, Inc. will need to make in order to write down the ending inventory from cost to market. Assume this is Splish Brothers's first year of operations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.) Debit Credit Account Titles and Explanation Cost of Goods sold Method: Loss method