ool The ending inventory of a company was $105,000 as per the perpetual inventory records. The current replacement cost for the ending inventory is $98,000. The joumal entry to adjust inventory is: so OA Merchandise Inventory Cost of Goods Sold 7,000 7.000 wing d wh lowe OB. Cost of Goods Sold Merchandise Inventory 7.000 7.000 98,000 OC. Cost of Goods Sold Merchandise Inventory 98,000 entory OD. No journal entry is needed. nd cot $70,00 ve = FIF