Smart Phones Company had the following balances and transactions during 2019. 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 31,2019 using the lower-of-cost-or-market rule.(Round any intermediate calculations two decimal places,and your final answer to the nearest dollar. )

Question

Smart Phones Company had the following balances and transactions during 2019.  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 31,2019 using the lower-of-cost-or-market rule.(Round any intermediate calculations two decimal places,and your final answer to the nearest dollar. )

Quizplus · Accepted Answer

B) 11ea8a75_4217_4844_a2a1_f9922fa591a8_TB6701_00 Ending Merchandise Inventory units 11ea8a75_4217_4845_a2a1_6965b8474a3e_TB6701_00 Ending Merchandise Inventory = Number of units on hand × Unit cost 11ea8a75_4217_4846_a2a1_59a73df0c0a4_TB6701_00 ) 11ea8a75_4217_6f57_a2a1_c705146606be_TB6701_00

Smart Phones Company Had the Following Balances and Transactions During