iven the following information for the Raquel Company:DateCostMarketDecember 31, 2016$500$500Decembe

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iven the following information for the Raquel Company:DateCostMarketDecember 31, 2016$500$500December 31, 2017700700December 31, 2018800730Under the periodic system, if the direct method of recording lower of cost or market is in use, which December 31, 2018 entry is correct?Inventory70Cost of Goods Sold70Cost of Goods Sold70Inventory70Loss Due to Market Valuation70Allowance to Reduce Inventory to Market70Cost of Goods Sold70Allowance to Reduce Inventory to Market70

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