Vaughn Co. follows the practice of valuing its inventory at the lower-of-cost-or-market. The following information is available from the company's inventory records as of December 31, 2020. Unit Item Replacement Cost/Unit $9.49 Completion & Disposal Cost/Unit $1.70 $8.48 Estimated Selling Price/Unit $11.82 10.62 8.14 7.12 Quantity 1,400 1,100 1,300 1,300 1,700 Normal Profit Margin/Unit $2.03 1.36 8.93 6.33 4.29 1.30 1.70 Greg Forda is an accounting dark in the accounting department of Vaughn Co., and he cannot understand why the market value keeps changing from replacement cost to net realizable value to something that he cannot even figure out. Greg is very confused, and he is the one who records inventory purchases and calculates ending inventory. You are the manager of the department and an accountant. Calculate the lower of cost or market using the individual item approach Lower-of-Cost-or-Market (Per unit basis) them As Items Items Items tems Show the journal entry he will need to make in order to write down the ending inventory from cost to market. (Credit account titles are automatically indenfied when amount is entered not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Accountities and Explanation Cost of Goods sold Methodi Credit The Loss method