During Fiscal 2016, Caleres Inc

Multiple Choice

During fiscal 2016, Caleres Inc. (formerly Brown Shoe Company) , reported cost of goods sold of $1,517.4 million. Inventory at the start of the year was $546.7 million and at the end of the year was $585.8 million.
Which of the following describes the closing entry that the company will make for these accounts?

A) Debit Inventory $39.1 million
B) Credit Inventory $585.8 million
C) Credit Cost of goods sold $1,517.4 million
D) Both A and C
E) None of the above