[The Following Information Applies to the Questions Displayed Below

question 110

Multiple Choice

[The following information applies to the questions displayed below.]
Castle TV,Inc.purchased 1,000 monitors on January 5 at a per-unit cost of $185,and another 1,000 units on January 31 at a per-unit cost of $230.In the period from February 1 through year-end,the company sold 1,800 units of this product.At year-end,200 units remained in inventory.
-Assume that the replacement cost of this monitor at year-end is $220 per unit.Using the FIFO flow assumption and the lower-of-cost-or-market rule,Castle TV should write down the carrying value of this inventory by:

• A)$0.
• B)$1,000.
• C)$2,000.
• D)$3,000.

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Definitions:

P(A / B)

Represents the conditional probability of event A occurring given that event B has occurred.

Missile

A guided weapon system designed to deliver a payload from a source to a target at high velocities.

Probability

A measure of how likely an event is to occur, ranging from 0 (impossible event) to 1 (certain event).

Union

An organized association of workers formed to protect and further their rights and interests; or, in mathematics, the set containing all the distinct elements of some given sets.