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H3Ko H3Ko
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8 years ago
Madison, Inc. had the following balances and transactions during 2017.

Beginning Inventory   40 units at $72
June 10   Purchased 120 units at $76
December 30   Sold 113 units
December 31   Replacement cost $79

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) $3,713
B) $3,572
C) $3,412
D) $2,880
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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H3Ko Author
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8 years ago
I just realized you had posted this! Thanks so much
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thank
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ty
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ty
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Thank you
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