24) Johnson Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $596,000. The current replacement cost of the inventory is $580,000. The net realizable value is $585,000. The company uses LIFO. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $930,000. Which journal entry is required under U.S. GAAP? A) debit Inventory for $16,000 and credit Cost of Goods Sold for $16,000 B) debit Inventory for $11,000 and credit Cost of Goods Sold for $11,000 C) debit Cost of Goods Sold for $16,000 and credit Inventory for $16,000 D) debit Cost of Goods Sold for $11,000 and credit Inventory for $11,000