Murphy,Inc.had the following balances and transactions during 2017.
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.
A) $1,275
B) $1,340
C) $1,005
D) $2,010
Correct Answer:
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