50. Climate Change Inc. sells three types of stoves. The following information relates to their cost and net realizable value at the company's year end. Apply the rule on an item-by-item basis and prepare the adjusting journal entry at the company's year end. Cost NRV Wood stove $125,000 $140,000 Gas stove $42,000 $39,500 Pellet stove $56,000 $50,500 Total Inventory $223,000 $230,000 Debit Credit (a) Cost of Goods Sold Merchandise Inventory $8000 $8000 (b) $7000 Cost of Goods Sold Merchandise Inventory $7000 (c) $7000 Merchandise Inventory Cost of Goods Sold $7000 (d) Merchandise Inventory Cost of Goods Sold $15000 $15000