[The Following Information Applies to the Questions Displayed Below

question 116

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 $210 per unit.Using LIFO flow assumption and the lower-of-cost-or-market rule,the ending inventory amounts to:

• A)$46,000.
• B)$42,000.
• C)$37,000.
• D)$83,000.

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Definitions:

Closed Businesses

Companies that have ceased operations permanently, often due to financial troubles, market competition, or other external factors.

Managing Finances

The practice of handling monetary resources efficiently, including budgeting, investing, and saving.

Adequate Cash Flow

The level of cash inflow that is sufficient to cover the outflow necessities for a business to operate smoothly and meet its financial obligations.

Home Based

Pertaining to businesses or activities that are operated out of a person's residence, rather than from an external office or commercial establishment.