Archer Corp. has the following LIFO perpetual inventory ...

[darbym82]

Archer Corp. has the following LIFO perpetual inventory records:

Date	Purchases	Cost of Goods Sold	Inventory on Hand
December 1	​	​	$4,150​
December 7	$1,500​	​	$5,650​
December 18	​	$1,200​	$4,450​
December 31	$1,400​	​	$5,850​

The current replacement cost of the ending inventory is $3,800. To apply the lower-of-cost-or-market rule, the journal entry would be:

◦ Debit Inventory $2,050, credit Cost of Goods Sold $2,050,
◦ Debit Cost of Goods Sold $2,050, credit Inventory $2,050,
◦ Debit inventory $1,200, credit Cost of Goods Sold $1,200
◦ Debit Cost of Goods Sold $1,200, credit Inventory $1,200

[DylanD1323]

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