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Smart Phones, Inc. had the following balances and transactions during 2019. Beginning Inventory June 10 December 30 December 31 40 units at $70 Purchased
Smart Phones, Inc. had the following balances and transactions during 2019. Beginning Inventory June 10 December 30 December 31 40 units at $70 Purchased 120 units at $74 Sold 114 units Replacement cost $77 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, 2019 using the lower-of-cost-or-market rule. (Round any intermediate calculations two decimal places, and your final answer to the nearest dollar.) a) $2,800 b) $3,244 c) $3,542 d) $3,404
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