Madison,Inc.had the Following Balances and Transactions During 2017

question 130

Multiple Choice

Madison,Inc.had the following balances and transactions during 2017.

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.(Round any intermediate calculations two decimal places,and your final answer to the nearest dollar. )

• A)$2,920
• B)$3,382
• C)$3,634
• D)$3,542

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