Jason Retail Had the Following Balances and Transactions During 2017

question 74

Multiple Choice

Jason Retail had the following balances and transactions during 2017. $$\begin{array} { | l | l | } \hline \text { Beginning Inventory } & 10 \text { units at } \$ 74 \\\hline \text { June 10 } & \text { Purchased } 20 \text { units at } \$ 81 \\\hline \text { December 30 } & \text { Sold 20 units } \\\hline \text { December 31 } & \text { Replacement cost } \$ 83 \\\hline\end{array}$$ The company maintains its records of inventory on a perpetual basis using the FIFO inventory costing method.Calculate the amount of ending Merchandise Inventory at December 31,2017 using the lower-of-cost-or-market rule.

• A)$810
• B)$830
• C)$1,660
• D)$2,490

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