View Policies Current Attempt in Progress Wildhorse Inc. uses LIFO inventory costing. At January 1, 2020, inventory was $212,645 at both cost and market value. At December 31, 2020, the inventory was $288.236 at cost and $262.010 at 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 (al (b)