Using a Periodic Inventory System, Bertram Company Records Inventory at Lower

Using a periodic inventory system, Bertram Company records inventory at lower of cost or NRV using the direct method. The end-of-the-year journal entries to adjust inventories would include

A) a debit to Inventory to close beginning inventory at cost value.
B) a debit to Inventory to close ending inventory at market value.
C) a debit to Loss Due to Write-Down of Inventory for the excess of cost over market value.
D) a credit to Allowance to Reduce Inventory for the excess of market over cost value.

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