Ultimate Cookies sells various pastries for parties and events offered in two packages. The cost and NRV of each individual type of product/package in the business’s ending inventory as at December 31, 2022, are shown below. What is the journal entry to adjust merchandise inventory to LCNRV at the individual level?
a. Debit cost of goods sold $1,500; credit merchandise inventory $1,500
b. Debit cost of goods sold $500; credit merchandise inventory $500
c. Debit loss on sales $2,500; credit merchandise inventory $2,500
d. Debit cost of goods sold $1,000; credit merchandise inventory $1,000
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