17) Handbags, Inc. had 400 units of inventory on hand at the end of the vear. These were recorded at a cost of $14 each using the last-in, first-out (LIFO) method. The current replacement cost is $10 per unit. The selling price charged by Handbags, Inc. for each finished product is $17. In order to record the adjusting entry needed under the lower-of-cost-or- market rule, the Merchandise Inventory account will be A) debited by $4,000 B) credited by $4,000 C) credited by $1,600 D) debited by $1,600