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A company has $1,400,000 of inventory at historical cost. After applying lower of cost and net realizable value (LCNRV), the company will have an inventory

A company has $1,400,000 of inventory at historical cost. After applying lower of cost and net realizable value (LCNRV), the company will have an inventory write-down of $160,000. The company uses the cost-of-goods-sold method of reporting this adjustment. Which entry will the company make to account for the decrease in inventory value?

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