Date Cost Market December 31, 2018 $ 800 $ 800 December 31, 2019 1,000 1,000 December 31, 2020 1,200 1,060 Under the periodic system, if the allowance method of recording lower of cost or market is in use, which December 31, 2020 entry is correct? a. Cost of Goods Sold 140 Inventory 140 b. Allowance to Reduce Inventory to NRV 140 Loss Recovery Due to Write-Down of Inventory 140 c. Inventory 140 Cost of Goods Sold 140 d. Loss Due to Write-Down of Inventory 140 Allowance to Reduce Inventory to NRV 140