BA2223 (3) Principles... Overview Plans Resources Status and follow-up Participants More Question 5 Madison Inc. had the following balances and transactions during 2017, Beginning inventory June 10 40 units at $73 Purchased 80 units at $77 December 30 December 31 Sold 74 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 Solution Ending Merchandise inventory units Ending Merchandise inventory Number of units on hand Unit cost