Smart Phones,Inc.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,Inc.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)
 11ea86ed_2cbc_c02d_8b27_974f70acacea_TB3056_00 Ending Merchandise Inventory units
 11ea86ed_2cbc_c02e_8b27_7337c86136f2_TB3056_00 Ending Merchandise Inventory = Number of units on hand × Unit cost
)
 11ea86ed_2cbc_e73f_8b27_b562c71f8c7f_TB3056_00 11ea86ed_2cbc_e740_8b27_39d31e8d0e35_TB3056_00