Jason Retail had the following balances and transactions during 2017. 
The company maintains its records of inventory on a perpetual basis using the FIFO inventory costing method. Calculate the amount of ending Merchandise Inventory at December 31, 2017 using the lower-of-cost-or-market rule.
Definitions:
Tax Evasion
The illegal act of not paying taxes owed, thereby hiding income or information from the tax authorities.
Partnership Interest
An ownership share held by a partner in a partnership, representing a portion of the partnership's assets and profits.
Statement of Dissociation
A formal document filed to announce a partner’s withdrawal from a partnership, which affects the partnership's legal and operational status.
Secretary of State
A high-ranking official in many governmental bodies who is typically in charge of foreign affairs or domestic records.
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