Waterway uses LIFO inventory costing. At January 1, 2020, inventory was $327,520 at both cost and market value. At December 31, 2020, the inventory was $416,760 at cost and $391,920 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit No. Account Titles and Explanation (a) (b)