Williams Company had the following balances and transactions during 2019. $\begin{array} { | l | l | }
\hline \text { Reginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \
\hline \text { December } 30 & \text { Sold } 15 \text { units } \
\hline \text { December } 31 & \text { Rep lacement cost } \$ 60 \
\hline
\end{array}$ What would the company's inventory amount be on the December 31, 2019 balance sheet if the perpetual FIFO method is used and the lower-of-cost-or-market-rule is applied?

Question

Williams Company had the following balances and transactions during 2019. $\begin{array} { | l | l | } 
\hline \text { Reginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \
\hline \text { December } 30 & \text { Sold } 15 \text { units } \
\hline \text { December } 31 & \text { Rep lacement cost } \$ 60 \
\hline
\end{array}$ What would the company's inventory amount be on the December 31, 2019 balance sheet if the perpetual FIFO method is used and the lower-of-cost-or-market-rule is applied?

Quizplus · Accepted Answer

The Answer of Williams Company had the following balances and transactions during 2019. $\begin{array} { | l | l | } 
\hline \text { Reginning inventory } & 10 \text { units at } \$ 70 \
\hline \text { June } 10 & \text { Purchased } 20 \text { units at } \$ 80 \
\hline \text { December } 30 & \text { Sold } 15 \text { units } \
\hline \text { December } 31 & \text { Rep lacement cost } \$ 60 \
\hline
\end{array}$ What would the company's inventory amount be on the December 31, 2019 balance sheet if the perpetual FIFO method is used and the lower-of-cost-or-market-rule is applied?

Williams Company Had the Following Balances and Transactions During 2019