Unanswered Question 1 0/8 pts At December 31, the Selig Company has ending inventory with a historical cost of $630,000. Assume the company uses the LIFO perpetual inventory system. The current replacement cost of the inventory is $608,000. The net realizable value is $650,000. The normal profit on this inventory is $50,000. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $900,000. Following U.S. GAAP, answer the following questions about the journal entry required on December 31 to adjust the ending balance of inventory if the direct method is used. What account is debited? What account is credited? What is the dollar amount of the journal entry? $ The adjustment is required to ensure the company is satisfying the concept of reporting the for its' Inventories. Answer 1