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Question Help S&c Inc. has the following LIFO perpetual inventory records: Purchases $900 $400 Date Cost of Goods Sold December 7 December 18 December 31

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Question Help S&c Inc. has the following LIFO perpetual inventory records: Purchases $900 $400 Date Cost of Goods Sold December 7 December 18 December 31 Inventory on Hand $3,200 $4,100 $3,600 $4,000 $500 The current replacement cost of the ending inventory is $2,600. To apply the lower-of-cost-or-market rule, the journal entry would be: O A. debit Inventory S500credit Cost of Goods Sold $500 O B. debit Cost of Goods Sold $500, credit Inventory $500 C. debit Cost of Goods Sold $1,400, credit Inventory $1,400 D. debit Inventory $1,400, credit Cost of Goods Sold $1,400 Click to select your

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