A. debited by $8,000

B. credited by $8,000

C. debited by $2,400

D. credited by $2,400

Kim's Retail had 800 units of inventory on hand at the end of the year. These were recorded at a cost of $13 each using the lastin, firstout (LIFO) method. The current replacement cost is SIO per unit. The selling price charged by Kim's Retail for each finished product is SIE. In order to record the adjusting entry needed under the lower market rule, the Merchandise Inventory will be