S&C Inc. has the following LIFO perpetual inventory records: The current replacement cost of the ending inventory is $4, 500. To apply the lower - of - cost - or - market rule, the journal entry would be: Debit Cost of Goods Said $300, credit Inventory $300 debit inventory $500, credit Cost of Goods Sold $500 Debit Cost of Goods Sold $500, credit inventory $600 debit inventory $300, credit Cost of Goods Sold $300