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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Definitions:

Correct Behaviors

Actions or responses that are deemed appropriate or desirable within a particular social or moral context.

Ego

In psychoanalytic theory, the part of the personality responsible for dealing with reality while mediating between the desires of the id and the morals of the superego.

Libido

A term used in psychoanalytic theory to denote the energy of the sexual drive as a component of the life instinct.

Unconscious

The part of the mind that contains thoughts, memories, and desires not within immediate awareness but influencing behavior.