Best Deals, Inc. has 10 units in ending merchandise inventory on December 31. The units were...
Best Deals, Inc. has 10 units in ending merchandise inventory on December 31. The units were purchased in November for $160 each. The price lists from suppliers indicate the current replacement cost of the item to be $162 each. What would be the amount reported as Merchandise Inventory on the balance sheet?
Group of answer choices
A. $1,600
B. $3,220
C. $322
D. $1,620
Homework Answers
| Inventory is recorded at the lower of cost or market value. | ||
| As here the cost is lower than the replacement cost of the inventory, it should be recorded at the cost. | ||
| Amount reported as Merchandise inventory on the balance sheet = Units in ending merchandise inventory * Cost per unit = 10 units * $160 | $1,600 | Option A |
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