Madison,Inc.had the following balances and transactions during 2017. $$\begin{array} { | l | l | }
\hline \text { Beginning Inventory } & 40 \text { units at } \$ 72 \
\hline \text { June 10 } & \text { Purchased } 120 \text { units at } \$ 76 \
\hline \text { December 30 } & \text { Sold } 113 \text { units } \
\hline \text { December 31 } & \text { Replacement cost } \$ 79 \
\hline
\end{array}$$ 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. )

Question

Madison,Inc.had the following balances and transactions during 2017. $$\begin{array} { | l | l | } 
\hline \text { Beginning Inventory } & 40 \text { units at } \$ 72 \
\hline \text { June 10 } & \text { Purchased } 120 \text { units at } \$ 76 \
\hline \text { December 30 } & \text { Sold } 113 \text { units } \
\hline \text { December 31 } & \text { Replacement cost } \$ 79 \
\hline
\end{array}$$ 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. )

Quizplus · Accepted Answer

The Answer of Madison,Inc.had the following balances and transactions during 2017. $$\begin{array} { | l | l | } 
\hline \text { Beginning Inventory } & 40 \text { units at } \$ 72 \
\hline \text { June 10 } & \text { Purchased } 120 \text { units at } \$ 76 \
\hline \text { December 30 } & \text { Sold } 113 \text { units } \
\hline \text { December 31 } & \text { Replacement cost } \$ 79 \
\hline
\end{array}$$ 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. )

Madison,Inc The Company Maintains Its Records of Inventory on a Perpetual