Jones Retail
had the following balances and transactions during 2017:
Beginning Inventory 20 units at $74
June 10 Purchased 35 units at $84
December 30 Sold 30 units
December 31 Replacement cost $64
The company maintains its records of inventory on a perpetual basis using the first-in, first-out inventory costing method. Calculate the amount of ending Merchandise Inventory on December 31, 2017 using the lower-of-cost-or-market rule.
A) $2,240
B) $1,600
C) $1,850
D) $1,480
B .Ending Merchandise Inventory units =
Ending Merchandise Inventory =
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