kim's retail had 800 units of inventory on hand at the end of the year. these were recorded at a cost of $ 13 each using the lastminusin, firstminusout (lifo) method. the current replacement cost is $ 9 per unit. the selling price charged by kim's retail for each finished product is $ 15. in order to record the adjusting entry needed under the rule, the merchandise inventory will be

the Merchandise Inventory will be credited by $3200

Explanation:

given data

Retail  inventory = 800 units

recorded cost = $13

replacement cost = $ 9 per unit

selling price charged = $15

to find out

the Merchandise Inventory will be

solution

we know here market  is equal to current replacement cost that is $9

and here we can say

market is here less than cost

so inventory will be valued at Market

so we find

down in inventory is = 800 × ( 13 - 9 )

down in inventory is = 3200

so the Merchandise Inventory will be credited by $3200

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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