Williams Company Had the Following Balances and Transactions During 2014

question 134

Multiple Choice

Williams Company had the following balances and transactions during 2014. Williams maintains its records of inventory on a perpetual basis using the last-in, first-out method. Calculate the amount of ending Merchandise Inventory at December 31, 2014 using the lower-of-cost-or-market rule.

• A)$1,200
• B)$1,360
• C)$1,020
• D)$2,040

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