Jones Retail. had the following balances and transactions during 2017:
The company maintains its records of inventory on a perpetual basis using the first-in, first-out inventory costing method. Calculate the amount of ending Merchandise Inventory on December 31, 2017 using the lower-of-cost-or-market rule.
Supporting Materials
15 unitsat $75 Purchased 35 units at $84 Sold 25 units Replacement cost $65 Beginning Inventorr une December December 31 30
A $2,275
B $1,625
C $1,875
D $1,125
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