Current Attempt in Progress Blossom Inc. uses LIFO inventory costing. At January 1, 2025, inventory was...

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Current Attempt in Progress Blossom Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $216,195 at both cost and market value. At December 31, 2025, the inventory was $288,276 at cost and $261,320 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. 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 erer O for the amounts.) No. Account Titles and Explanation (a) Debit Credit (b) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer Current Attempt in Progress Blossom Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $216,195 at both cost and market value. At December 31, 2025, the inventory was $288,276 at cost and $261,320 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. 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 erer O for the amounts.) No. Account Titles and Explanation (a) Debit Credit (b) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer