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At what amount should the units of inventory be reported

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Question - On December 31, 2010, Cruise Company has 10,000 units of an inventory item which cost $40 per unit when purchased on June 15, 2010. The selling price was $70 per unit. On December 30, 2010, the replacement cost was $42 per unit. At what amount should the 10,000 units of inventory be reported at on the December 31, 2010 balance sheet?

A. 300,000

B. 420,000

C. 400,000

D. 700,000

Reference no: EM132603220

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