Williams Company had the following balances and transactions during 2014. 
Williams maintains its records of inventory on a perpetual basis using the FIFO method. Calculate the amount of ending Merchandise Inventory at December 31, 2014 using the lower-of-cost-or-market rule.
Definitions:
Total Income
The sum of all revenues and gains a company receives before any expenses are deducted.
Net Cash Flows
The difference between cash inflows and outflows over a period.
Average Rate
Typically refers to the mean value of a variable rate over a specified period, often used in financial contexts to calculate average interest rates.
Salvage Value
The estimated residual value of an asset at the end of its useful life.
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