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Compute ending merchandise inventory on the balance sheet

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Question - Misty, Inc. had 24,000 units of ending inventory that were recorded at the cost of $8.00 per unit using the FIFO method. The current replacement cost is $4.50 per unit. Which of the following amounts would be reported as Ending Merchandise Inventory on the balance sheet using the lower-of-cost-or-market rule?

$192,000

$300,000

$216,000

$108,000

Reference no: EM131961720

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