Madson, inc. had the following balances and transactions during 2017. Deginning inventory June 10 December 30 December 31 40 units at $73 Purchased 80 units at $77 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 dollar3 Solution: Ending Merchandise inventory units Ending Merchandise inventory Number of units on hand-Unit cost