- Question 49 (1 point) Under the lower of cost and net realizable value basis, the adjusting entry to record a decline in net realizable value below cost includes a 1 11 12 O credit to the Cost of Goods Sold account. 14 15 O credit to the Sales account debit to the Cost of Goofhold account. Odebit to the Inventory account. 19 20 21 22 Question 50 (1 point) Days in inventory is calculated by dividing 365 days by 25 O Beginning inventory Average Inventory 20 29 The Inventory Turnover Ratio 32 30 Ending Inventory