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QUESTION
Consider the following data Ending inventory at cost --- $115,000 Ending inventory at replacement cost ----- $119,000 Cost of goods sold (before
Consider the following data
Ending inventory at cost --- $115,000
Ending inventory at replacement cost ----- $119,000
Cost of goods sold (before consideration of LCM rule) --- $165,000
Which of the following depicts the proper account balance after the application of the LCM rule?
A. Ending inventory balance will be $119,000
B. Ending inventory balance will be $115,000
C. Costs of goods sold will be $161,000
D. Cost of goods sold will be $169,000
