Archer Manufacturing had sales for the week of $3,653?, of which $3,000 was on credit and$653

in cash sales. The cost of the merchandise sold was $1,805.

The journal entries would include? a:

A.

debit to Cash for

3,653?,

credit to Sales for

$3,653.

B.

debit to Cost of Goods Sold for

$1,805?;

credit to Inventory for

$1,805.

C.

debit to Cash for

$3,653

and a credit to Cost of Goods Sold for

$3,653.

D.

debit to Cost of Goods Sold for $1,805?;

credit to Sales of

$1,805.

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

Date	Purchases	Cost of Goods Sold	Inventory on Hand
December 1			$3,500
December 7	$1,300		$4,800
December 18		$1,100	$3,700
December 31	$200		$3,900

The current replacement cost of the ending inventory is

$2,500.

To apply the? lower-of-cost-or-market rule, the journal entry would? be:

A.

debit Invento $1,100?,

credit Cost of Goods Sold $ $1,100

B.

debit Cost of Goods Sold

$1,400?,

credit Inventory$1,400

C.

debit Cost of Goods Sold

$1,100?,

credit Inventory$1,100

D.

debit Inventory

$1,400?,

credit Cost of Goods Sold $1,400