Best Deals,Inc

question 31

Multiple Choice

Best Deals,Inc.has 10 units in ending merchandise inventory on December 31.The units were purchased in November for $160 each.The price lists from suppliers indicate the current replacement cost of the item to be $162 each.What would be the amount reported as Merchandise Inventory on the balance sheet?

• A)$1,600
• B)$3,220
• C)$322
• D)$1,620

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Definitions:

Independent Measurers

Entities or individuals that objectively assess and report on various metrics or phenomena, often for compliance, research, or auditing purposes, without being influenced by parties involved.

Accounting Measurement

The process of determining and quantifying financial information in monetary terms to be reported in financial statements.

Timely

Occurring within an expected time frame or period, often used to refer to the punctual execution or delivery of tasks.

Fundamental Analysis Approach

An investment evaluation method that examines a company's financial statements, health, and market position to determine its value.