Bachinc. has the following LIFO perpetual inventory records: Date Purchases Cost of Goods Sold Inventory on Hand December 1 $3,000 December 7 $1,100 $4,100 December 18 $600 $3,500 December 31 $200 $3,700 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: OA. debit Inventory $600, credit Cost of Goods Sold $600 OB. Debit Cost of Goods Sold $600, credit Inventory $600 C. debit Inventory $1,200, credit Cost of Goods Sold $1,200 OD. Debit Cost of Goods Sold $1,200, credit Inventory $1,200