10) Madison, Inc. had the following balances and transactions during 2017 Beginning Inventory June 10 December 30 December 31 40 units at $72 Purchased 120 units at $76 Sold 113 units Replacement cost $79 The company maintains its records of inventory on a perpetual basis using the last-in, first-out inventory costing method. Calculate the amount of ending Merchandise Inventory at December 31, 2017 using the lower-of-cost-or-market rule. (Round any intermediate calculations two decimal places, and your final answer to the nearest dollar.) A) $2,880 B) $3,572 C) $3,713 D) $3,412 11) Under which of the following inventory costing methods is the ending inventory based on the costs of the most recent purchases? A) specific identification B) last-in, first-out C) first-in, first-out D) weighted average