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Calculate the amount of ending merchandise inventory

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Reference no: EM131761680

Williams Company had the following balances and transactions during 2014.

Beginning Inventory 10 units at $70
June 10 Purchased 20 units at $80
December 30 Sold 15 units
December 31 Replacement cost $68

Williams maintains its records of inventory on a perpetual basis using the lastminusin,firstminusout method. Calculate the amount of ending Merchandise Inventory at December 31, 2014 using the lower minus of minus cost minus or minus market rule.

A. $1,020

B. $1,200

C. $1,360

D. $2,040

Reference no: EM131761680

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