Calculate the amount of ending Merchandise Inventory

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Reference no: EM132828357

Question - Williams Company had the following balances and transactions during 2020:

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 (FIFO) method. Calculate the amount of ending Merchandise Inventory on December 31, 2020 using the lower-of-cost-or-market rule.

Reference no: EM132828357

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