QUESTION 49 Handbags Company had 500 units of inventory on hand at the end of the year. These were recorded at a cost of $18 each using the last-in, first-out (LIFO) method. The current replacement cost is $15 per unit. The selling price charged by Handbags Company for each finished product is $23. In order to record the adjusting entry needed under the lower-of-cost-or-market rule, the Cost of Goods Sold will be credited by $1500 debited by $7500 debited by $1500 credited by $7500 QUESTION 50 o f inventory The tracking of inventory shrinkage due to theft, damage, or errors is done with the help of a n physical count delivery authorization sale