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?Nichols, Inc. had the following balances and transactions during? 2024:
Beginning Merchandise Inventory as of January? 1, 2024 200 units at $82
March 10 Sold 60 units
June 10 Purchased 400 units at $85
October 30 Sold 260 units
Problem 1: What would be reported for Ending Merchandise Inventory on the balance sheet at December? 31, 2024 if the perpetual inventory system and the first-?in, first-out inventory costing method are? used?
a. 23,800
b. 34,000
c. 16,400
d. 4,920
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