Cypress co. has the following LIFO perpetual inventory records: The current replacement cost of the ending inventory is $4900 to apply the lower - of - cost - or market rule Debit inventory $1300, Credit cost of goods sold $1300 Debit cost of goods sold $1300, Credit inventory $1300 Debit inventory $1350, Credit cost of goods sold $1350 Debit cost of goods sold $1350, Credit inventory $1350