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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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8 years ago
Murphy, Inc. had the following balances and transactions during 2017.

Beginning Inventory   10 units at $73
June 10   Purchased 20 units at $82
December 30   Sold 20 units
December 31   Replacement cost $63

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.
A) $630
B) $1,890
C) $1,260
D) $820
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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8 years ago
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H3Ko Author
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#2
8 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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#3
8 years ago
I'm liking this Slight Smile
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#4
3 years ago
thanks
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