Piggly Wiggly Sales Had Six CD Players in Inventory on December

question 47

Multiple Choice

Piggly Wiggly Sales had six CD players in inventory on December 31. They were purchased in November for $170 each. A quoted price received from the supplier on December 31 shows the CD players now cost $175 each. Piggly Wiggly has marked each player to sell for $320. Using the lower-of-cost-and-net-realizable-value rule, the ending inventory of CD players should be shown at:

• A)$1,050.
• B)$1,920.
• C)$1,020.
• D)$900.

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