Murphy,Inc The Company Maintains Its Records of Inventory on a Perpetual

question 128

Multiple Choice

Murphy,Inc.had the following balances and transactions during 2017. $$\begin{array} { | l | l | } \hline \text { Beginning Inventory } & 10 \text { units at } \$ 73 \\\hline \text { June 10 } & \text { Purchased } 20 \text { units at } \$ 82 \\\hline \text { December 30 } & \text { Sold 20 units } \\\hline \text { December 31 } & \text { Replacement cost } \$ 63 \\\hline\end{array}$$ The company maintains its records of inventory on a perpetual basis using the last-in,first-out inventory costing method.Calculate the amount of ending Merchandise Inventory at December 31,2017 using the lower-of-cost-or-market rule.

• A)$820
• B)$1,260
• C)$630
• D)$1,890

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