Wildhorse Inc. uses LIFO inventory costing. At January 1, 2017, inventory was $214,439at both cost and market value. At December 31, 2017, the inventory was $283,974at cost and $262,600at market value.

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 0 for the amounts.)

No.	Account Titles and Explanation	Debit	Credit
(a)
(b)