This Question: 1 pt 40 of 43 (0 complete) This Test: 43 Bachinc, has the following LIFO perpetual inventory records Date December 1 December 7 December 18 December 31 Purchases $1,100 $700 $3,000 $4,100 $3,600 $4,300 $500 The current replacement cost of the ending inventory is $2.100. To apply the lower- of-cost-or-market rule, the journal entry would be O A. debit Inventory $500, credit Cost of Goods Sold $500 O B. Debit Cost of Goods Sold $500, credit Inventory $500 C. Debit Cost of Goods Sold $2.200 credit Inventory S2.200 OD. debit Inventory $2.200, credit Cost of Goods Sold $2.200