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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Definitions:

Natural Selection

a process by which evolutionary changes occur in species, where individuals with traits better suited to their environment are more likely to survive and reproduce.

Darwin's Theory

A scientific theory of biological evolution that explains how species evolve over time through the process of natural selection, survival of the fittest, and genetic variations.

Animal Evolution

The gradual development and diversification of animals over millions of years, guided by natural selection, adaptation, and genetic variation.

Gregor Mendel

The 19th-century scientist known as the father of genetics for his groundbreaking work on the inheritance of traits in pea plants, leading to Mendelian genetics.