values its inventory at the lower-of-LIFO-cost-or-market. The following information is available from the company's inventory records as of Item X490 X512 Quantity 10,608 5,148 18,720 13,000 8,944 Unit Cost $13.00 7.28 19.76 14.82 12.48 Replacement Cost/Unit $12.43 7.80 19.34 14.56 13.26 Estimated Selling Price/Unit $14.56 9.26 32.81 20.59 14.51 Completion & Disposal Cost/Unit $3.12 0.26 3.38 Normal Profit Margin/Unit $3.54 1.87 9.36 X682 Z195 7846 1.46 2.18 5.98 1.14 Show the journal entries will need to make in order to write down the endine inventory from cost to market. Assume this is! first year of operations. Round answers to decimal places, Account Titles and Explanation Debit Credit Cost of Goods sold Method: Cost of Goods Sold Allowance to Reduce Inventory to Market 263797 263797 Loss method: Loss Due to Market Decline of Inventory 263797 Allowance to Reduce Inventory to Market 263797