X Company has 200 units of Product K on December 31, 2020, which originally cost $15. The replacement cost of Product X is $7.5. Product X sells for $12.5 has associated selling costs of $1.5, and a normal profit margin would be $2.5. X Company treats any write-downs as losses.

Suppose X Company uses a perpetual LIFO inventory system. What would the journal entry be in dec 31, 2020 to record the measurement of inventory?

Suppose X Company uses a perpetual FIFO inventory system. What would the journal entry be in dec 31, 2020 to record the measurement of inventory?