S&C Inc.has the Following LIFO Perpetual Inventory Records

Multiple Choice

S&C Inc.has the following LIFO perpetual inventory records:

The current replacement cost of the ending inventory is $4,500.To apply the lower-of-cost-or-market rule,the journal entry would be:

A) Debit Cost of Goods Sold $800,credit Inventory $800
B) debit Inventory $800,credit Cost of Goods Sold $800
C) Debit Cost of Goods Sold $500,credit Inventory $500
D) debit Inventory $500,credit Cost of Goods Sold $500