Williams Inc.had the following balances and transactions during 2014. The company maintains its records of inventory on a perpetual basis using the FIFO method.Calculate the amount of ending Merchandise Inventory at December 31,2014 using the lower-of-cost-or-market rule.

Question

Williams Inc.had the following balances and transactions during 2014.  The company maintains its records of inventory on a perpetual basis using the FIFO method.Calculate the amount of ending Merchandise Inventory at December 31,2014 using the lower-of-cost-or-market rule.

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The Answer of Williams Inc.had the following balances and transactions during 2014.  The company maintains its records of inventory on a perpetual basis using the FIFO method.Calculate the amount of ending Merchandise Inventory at December 31,2014 using the lower-of-cost-or-market rule.