What is the journal entry to record a difference between a total inventory cost

Question

What is the journal entry to record a difference between a total inventory cost of $25,000 that, under LCM costing, is valued at $15,000? debit Inventory for $10,000; credit Loss in Inventory Write-Down to Market for $10,000 debit Loss in Inventory Writedown to Market for $10,000; credit Cost of Goods Sold for $10,000 debit Loss in Inventory Write-Down to Market for $10,000; credit Inventory for $10,000 debit Inventory for $10,000; credit Cost of Goods Sold for $10,000 debit Cost of Goods Sold for $10,000; credit Inventory for $10,000

Explanation / Answer

Debit Cost of Goods Sold for $10,000; credit Inventory for $10,000

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