Multiple Choice
A company had been selling its product for $20 per unit, but recently lowered the selling price to $15 per unit. The company's current inventory consists of 200 units purchased at $16 per unit. The replacement cost of this merchandise is currently $13 per unit. At what amount should the company's inventory to be reported on the balance sheet under the lower of cost or market rule?
A) $2,600
B) $3,200
C) $3,000
D) $4,000
Correct Answer:
Verified
Correct Answer:
Verified
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