Archer Corp. has the following LIFO perpetual inventory records: The current replacement cost of the ending inventory is $3600. To apply the lower-of-cost-or-market rule, the journal entry would be: Debit Cost of Goods Sold $1300, credit Inventory $1300 Debit inventory $1300, credit Cost of Goods Sold $1300 Debit Inventory \$2050, credit Cost of Goods Sold \$2050, Debit Cost of Goods Sold $2050, credit Inventory $2050