S&C Inc. has the following LIFO perpetual inventory records: The current replacement cost of the ending inventory is $2, 400. To apply the lower-of-cost-or-market rule, the journal entry would be: debit Cost of Goods Sold $1, 600, credit Inventory $1, 600 debit Inventory $800, credit Cost of Goods Sold $800 debit Cost of Goods Sold $800, credit Inventory $800 debit Inventory $1, 600, credit Cost of Goods Sold $1, 600