Ultimate Cookies sells various pastries for parties and events offered in two packages. The cost and NRV of each individual type of product/package in the business's ending inventory as at December 31 are shown below. What is the journal entry to adjust merchandise inventory to LCNRV at the individual level? Cost NRV $3,500 $8,500 12,000 Package 1 Package 2 Total $5,000 $7,500 $12,500 Select one: a. Debit cost of goods sold $500; credit merchandise inventory $500 b. Debit cost of goods sold $1,000; credit merchandise inventory $1,000 c. Debit loss on sales $2,500; credit merchandise inventory $2,500 d. Debit cost of goods sold $1,500; credit merchandise inventory $1,500 O O Contact u