Jones Retail The Company Maintains Its Records of Inventory on a Perpetual

question 91

Multiple Choice

Jones Retail.had the following balances and transactions during 2017: $$\begin{array} { | l | l | } \hline \text { Beginning Inventory } & 20 \text { units at } \$ 74 \\\hline \text { June } 10 & \text { Purchased } 35 \text { units at } \$ 84 \\\hline \text { December 30 } & \text { Sold } 30 \text { units } \\\hline \text { December 31 } & \text { Replacement cost } \$ 64 \\\hline\end{array}$$ The company maintains its records of inventory on a perpetual basis using the first-in,first-out inventory costing method.Calculate the amount of ending Merchandise Inventory on December 31,2017 using the lower-of-cost-or-market rule.

• A)$2,240
• B)$1,600
• C)$1,850
• D)$1,480

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