Teal Mountain, Inc. values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the companys inventory records as of December 31, 2020.

Item		Quantity		Unit Cost		Replacement Cost/Unit			Estimated Selling Price/Unit			Completion & Disposal Cost/Unit			Normal Profit Margin/Unit
X490		11,832		$14.50		$13.86			$16.24			$3.48			$3.94
X512		5,742		8.12		8.70			10.32			0.29			2.09
X682		20,880		22.04		21.58			36.60			3.77			10.44
Z195		14,500		16.53		16.24			22.97			1.62			6.67
Z846		9,976		13.92		14.79			16.18			2.44			1.28

(a)

Partially correct answer iconYour answer is partially correct.

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		$enter a dollar amount
X512		$enter a dollar amount
X682		$enter a dollar amount
X195		$enter a dollar amount
X846		$enter a dollar amount

Attempts: 2 of 2 used

(b)

New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.

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 Mountains 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.)