Exposition,Inc

question 36

Multiple Choice

Exposition,Inc.had 200 units of inventory on hand at the end of the year.These were recorded at a cost of $14 each using the last-in,first-out (LIFO) method.The current replacement cost is $10 per unit.The selling price charged by Exposition,Inc.for each finished product is $16.As a result of recording the adjusting entry as per the lower-of-cost-or-market rule,the gross profit will ________.

• A)increase by $2,000
• B)decrease by $2,000
• C)increase by $800
• D)decrease by $800

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Definitions:

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