Jones Retail. had the following balances and transactions during 2017: Beginning Inventory 15 units at $70 June 10 Purchased 35 units at $82 December 30 Sold 20 units December 31 Replacement cost $65 The company maintains its records of inventory on a perpetual basis using the firstin, firstout inventory costing method. Calculate the amount of ending Merchandise Inventory on December 31, 2017 using the lowerofcostormarket rule.