Uptown Department Store uses the perpetual inventory system and has ending inventory with a historical cost of $610,000. The current replacement cost of the inventory is $598,000. The net realizable value is $670,000. The company uses LIFO. Before any adjustments at the end of the period, the cost of goods sold account has a balance of 5930,000. Which journal entry is required under U.S. GAAP? Select one! O A debit cost of Goods Sold for $12,000 and credit Inventory for $12,000 O B. debit cost of Goods Sold for $60,000 and credit Inventory for $60,000 Oc debit Inventory for $60,000 and credit cost of Goods Sold for $60,000 OD. debit Inventory for $12,000 and credit cost of Goods Sold for $12,000