When a company uses the perpetual inventory method, which of the following would be the entry to adjust inventory to lower-of-cost-or-market? Select one: O Debit Purchases and credit Merchandise Inventory. Debit Inventory and credit Purchases. Debit Cost of Goods Sold and credit Merchandise Inventory. O Debit Cost of Goods Sold and purchases and credit Merchandise Inventory and sales. Debit Inventory and credit Cost of Goods Sold