Cypress Co.has the Following LIFO Perpetual Inventory Records

Multiple Choice

Cypress Co.has the following LIFO perpetual inventory records:

The current replacement cost of the ending inventory is $5,200.To apply the lower-of-cost-or-market rule,the journal entry would be:

A) Debit Cost of Goods Sold $750,credit Inventory $750
B) Debit Inventory $750,credit Cost of Goods Sold $750
C) Debit Cost of Goods Sold $1,100,credit Inventory $1,100
D) Debit inventory $1,100,credit Cost of Goods Sold $1,100