73) Ending inventory for Commodity X consists of 20 units. Under the FIFO method, the cost of the 20 units is $5 each. Current net realizable value is $4.75 per unit. Using the lower-of-cost-and-net -realizable-value rule to value inventory, the balance sheet would show ending inventory of:

A) $5.00 B) $4.75 C) $95.00 D) $100.00

74) Piggly Wiggly Sales had six CD players in inventory on December 31. They were purchased in November for $170 each. A quoted price received from the supplier on December 31 shows the CD players now cost $175 each. Piggly Wiggly has marked each player to sell for $320. Using the lower-of-cost-and-net-realizable-value rule, the ending inventory of CD players should be shown at:

A) $1,050

B) $1,920

C) $1,020

D) $900

75) For the current year, Heedy's Department Store reported the following data:

Goods available for sale $1,074,450

December 31, inventory balance 85,430

The current net realizable value of the inventory on the balance sheet date is $91,730. Using the lower-of-cost-and-net-realizable-value rule, what is cost of goods sold for Heedy's Department Store?

A) $989,020

B) $982,720

C) $897,290

D) $1,080,750

76) Given the following data:

Ending inventory at cost $23,600

Ending inventory at net realizable value 24,000

Cost of goods sold (before consideration of

the lower-of-cost-and-net-realizable-value rule) 37,000

Which of the following depicts the proper account balance after the application of the lower-of-cost-and-net-realizable-value rule?

A) Ending inventory will be $24,000.

B) Cost of goods sold will be $36,400.

C) Cost of goods sold will be $37,400.

D) Ending inventory will be $23,600.