William Company had the following balances and transaction during 2014. Beginning Inventory 20 units at $70 June 10 Purchased 30 units at $80 December 30 Sold 15 units December 31 Replacement cost $60 Williams maintains its records of inventory on a perpetual basis using the first- in, first-out method. Calculate the amount merchandise inventory on December 31, 2014 using lower-of-cost-or-marker rule. a. $2,450 b. $2,100 c. $1,400 d. $1,800
William Company had the following balances and transaction during 2014. Beginning Inventory 20 units at $70 June 10 Purchased 30 units at $80 December 30 Sold 15 units December 31 Replacement cost $60 Williams maintains its records of inventory on a perpetual basis using the first- in, first-out method. Calculate the amount merchandise inventory on December 31, 2014 using lower-of-cost-or-marker rule. a. $2,450 b. $2,100 c. $1,400 d. $1,800
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter9: Working Capital
Section: Chapter Questions
Problem 43P
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