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aalyn [17]
3 years ago
6

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?
A. $1,600

B. $3,220

C. $322

D. $1,620
Business
1 answer:
MrMuchimi3 years ago
4 0

Answer:

$1,600

Explanation:

Best deals incorporation has a total of 10 units in the ending merchandise inventory on December 31

The units were bought in the month of November at a price of $160 for each unit

The replacement cost of the item is $162

Inventory is always recorded when the cost is low

Therefore, the amount that is to be reported as the merchandise inventory can be calculated as follows

=10 units × $160

= $1,600

Hence the amount reported as the merchandise inventory on the balance sheet is $1,600

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Adjusted Cost of Goods for November = 58,000 + 215,000 - 30,600 - 3,600

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