Madison, Inc. had the following balances and transactions during 2017
Beginning Inventory 40 units at $72
June 10 Purchased 120 units at $76
December 30 Sold 113 units
December 31 Replacement cost $79
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.)
A) $2,880
B) $3,412
C) $3,713
D) $3,572
B .Ending Merchandise Inventory units
Ending Merchandise Inventory = Number of units on hand x Unit cost
)
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