Williams Company Had the Following Balances and Transactions During 2014

question 17

Multiple Choice

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

• A)$1,800
• B)$2,100
• C)$2,450
• D)$1,400

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