Question 26 Not yet answered Marked out of 1.00 Flag question Dover Company began operations in 2018 and determined its ending inventory at cost and at a LCNRV at December 31, 2018, and December 31, 2019. This information is presented below. 12/31/18 12/31/19 Cost 520,000 615,000 Net Realizable Value 485,000 585,000 The journal entry required at December 31, 2019, assuming that the inventory is recorded at LCNRV, using a perpetual inventory system and the cost-of-goods-sold method. Select one: a. Cost of Goods Sold... ..35,000 Allowance to Reduce Inventory to NRV.. O b. Loss Due to Decline of Inventory to NRV ...35,000 Allowance to Reduce Inventory to NRV.. 35,000 O c. Allowance to Reduce Inventory to NRV.. Recovery of Inventory Loss.. ..5,000 .5,000 d. Allowance to Reduce Inventory to NRV... Costs of Goods Sold... .5,000 .5,000 ..35,000