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Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $ 630,000. The current replacement cost of the
Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $ 630,000. The current replacement cost of the inventory is $ 598,000. The net realizable value is $ 660,000. Before any adjustments at the end of the period, the cost of goods sold account has a balance of $ 910,000. Which journal entry is required under U.S. GAAP?
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