On October 1 , Robertson Company sold inventory in the amount of $5,800 to Alberta, with credit terms of 2/10,n/30. The cost of the items sold is $4,000. Robertson uses the periodic inventory system. On October 4 , Alberta returns some of the inventory. The selling price of the inventory is $500, and the cost of the inventory returned is $350. What journal entry (entries) will be recorded by Robertson October 4 ? Multiple Choice Debit Sales Returns \& Allowances and credit Accounts Receivable for $500; debit Inventory and credit Cost of Goods Sold for $350 Debit Sales Returns \& Allowances and credit Accounts Receivable for $500 Debit Accounts Receivable and credit Sales Returns \& Allowances for $500 Debit Accounts Receivable and credit Sales Returns \& Allowances for $500; debit Cost of Goods Sold and credit Inventory for $350 Sparks Furniture Company carries three lines of sofas. Information about the sofa inventory as of the end of its most recent fiscal year follows. If LCM/NRV is applied to each separate product line, what is the amount of the adjustment that must be made to the company's inventory? Multiple Choice $6,250 ($35,750) ($25,500) ($29,500)