Williams Company Had the Following Balances and Transactions During 2014

question 86

Multiple Choice

Williams Company had the following balances and transactions during 2014. $$\begin{array} { | l | l | } \hline \text { Beginning Inventory } & 10 \text { units at } \$ 70 \\\hline \text { June 10 } & \text { Purchased } 20 \text { units at } \$ 80 \\\hline \text { December 30 } & \text { Sold } 15 \text { units } \\\hline \text { December 31 } & \text { Replacement cost } \$ 68 \\\hline\end{array}$$ 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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