24. V Club's ending inventory (at cost) was $115,000. V Club would have had to pay

$120,000 to replace the ending inventory. Before consideration of the lower-of-cost-ormarket

rule, V Club's cost of goods sold was $165,000. Which of the following

statements reflect the correct application of the LCM rule?

A. Ending Inventory balance will be $120,000, and Cost of Goods Sold will be

$160,000.

B. Ending Inventory balance will be $115,000, and Cost of Goods Sold will be

$165,000.

C. Ending Inventory balance will be $115,000, and Cost of Goods Sold will be

$170,000.

D. Ending Inventory balance will be $120,000, and Cost of Goods Sold will be

$170,000.