6 ABC uses a periodic inventory system, and the ending inventory for each year physical inventory at year-end. A physical count was taken on December 31, that time totaled $75,000, which reflects historical cost. Record the 2014 Cost of Goods Sold and the 12/31/14 Inventory adjustment. Additionally, ABC adheres to GAAP by recording ending inventory at the lowe A review of inventory data further indicated that the current retail sales value