View Policies Current Attempt in Progress Waterway Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $216,014at both cost and market value. At December 31, 2020, the inventory was $283,252at cost and $262,660at market value. Use an allowance account. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (a) (b) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit