Entry to adjust inventory to lower of cost of market

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Reference no: EM13747126

When a company uses the perpetual inventory method, which of the following would be the entry to adjust inventory to lower- of- cost- of- market?

Debit inventory and credit purchases

debit purchases and credit merchandise inventory

debit cost of goods sold and credit merchandise inventory

debit inventory and credit cost of goods sold

Reference no: EM13747126

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