Williams Inc

question 9

Multiple Choice

Williams Inc.had the following balances and transactions during 2014. The company 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.

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

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Definitions:

Anticodon

Three-base sequence in a transfer RNA molecule base that pairs with a complementary codon in mRNA.

Transfer RNA

An adaptor molecule in protein synthesis that carries a specific amino acid to the ribosome, where its anticodon pairs with the corresponding codon on mRNA.

Ribosomal RNA

A type of RNA which, along with proteins, forms the structure of ribosomes and plays a role in the translation of mRNA into proteins.

DNA Molecule

The carrier of genetic information in living organisms and viruses, composed of two long strands forming a double helix.