Date Archer Corp. has the following LIFO perpetual inventory records: Purchases Cost of Goods Sold Inventory on Hand December 1 $4,450 December 7 $1,200 $5,650 December 18 $1,100 $4,550 December 31 $1,800 $6,350 The current replacement cost of the ending inventory is $3,400. To apply the lower-of-cost-or-market rule, the journal entry would be: O A. Debit Cost of Goods Sold $2,950, credit Inventory $2,960, OB. Debit inventory $1,100, credit Cost of Goods Sold $1,100 O C. Debit Cost of Goods Sold $1,100, credit Inventory $1,100 OD. Debit Inventory 52,950, credit Cost of Goods Sold $2,960