25) Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $620,000. The current replacement cost of the inventory is $608,000. The net realizable value is $650,000. The company uses LIFO. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $880,000. Which journal entry is required under U.S. GAAP? A) debit Cost of Goods Sold for $12,000 and credit Inventory for $12,000 B) debit Inventory for $12,000 and credit Cost of Goods Sold for $12,000 C) debit Cost of Goods Sold for $30,000 and credit Inventory for $30,000 D) debit Inventory for $30,000 and credit Cost of Goods Sold for $30,000