Bisgrove Company has inventory at the end of the year with a historical cost of $50,000 and a net realizable value of $45,000. Bisgrove Company uses a perpetual inventory system and the FIFO inventory cost method. What journal entry should Bisgrove Company record to comply with the LCM rule? Odebit Cost of Goods Sold for $5,000 and credit Inventory for $5,000. debit Inventory for $5,000 and credit Cost of Goods Sold for $5,000. debit Obsolescence Expense for $5,000 and credit Inventory for $5.000. No entry necessary